Sagimet Biosciences (SGMT) priced an offering of about 8.8 million shares of series A common stock at $10 per share for gross proceeds of approximately $115 million, the company said Wednesday.

The company also priced pre-funded warrants to purchase approximately 2.8 million shares at $9.9999 per warrant.

Sagimet expects the offering to generate about $115 million in fross proceeds.

Commodore Capital leads the offering, with participation from RA Capital Management, Spruce Street Capital, BVF Partners, Aberdeen Investments, Columbia Threadneedle Investments, Affinity Asset Advisors and Woodline Partners.

Net proceeds from the offering, together with existing cash and cash equivalents, will be used to fund a phase 3 trial of denifanstat in acne and pre-launch activities, to advance TVB-3567 through phase 2 topline results, and to advance its topical FASN inhibitor program toward an investigational new drug submission.

Sagimet plans to use some of the proceeds for general corporate purposes, including additional clinical development, working capital and operating expenses, it said.

The offering is expected to close on or about Friday.

Shares of the company were up more than 7% in pre-bell activity on Wednesday.

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