Sagimet jumps on FDA's 'breakthrough therapy' tag for liver disease treatment

Sagimet Biosciences

01/10/2024 12:45

** Shares of therapy developer Sagimet Biosciences  SGMT.O 
rise ~14.8% to $3.18 premarket
    ** Company says its treatment denifanstat for noncirrhotic
metabolic dysfunction-associated steatohepatitis (MASH),
received the U.S. FDA's "breakthrough therapy" tag
    ** The tag is meant to speed up development and review of
drugs to treat a serious condition or unmet medical need
    ** MASH causes an excess build-up of fat in the liver,
leading to inflammation and fibrosis, or scarring, of the organ
    ** Company says the grant was based on results from a
mid-stage trial, where the drug showed MASH resolution without
worsening of fibrosis — a condition where tissues thicken or
scar leading to organ dysfunction
    ** Up to last close, stock down 48.9% YTD
    

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))