Carmot Therapeutics closed a $15 million series B round, which will carry its lead Type 2 diabetes drug, a GLP-1R/GIPR agonist, through clinical proof of concept. The news comes on the back of a Parkinson’s pact with Amgen worth up to $240 million.
“Together with nondilutive revenue, this financing allows us to progress several preclinical leads in the areas of diabetes, obesity and fatty liver disease. The funds will also allow expansion of our efforts targeting de-ubiquitinating enzymes,” CEO Stig Hansen said in a statement.
Hong Kong’s Horizon Ventures led the series B, with The Column Group and private investors getting in on the round.
Carmot seeks to discover new drugs for the treatment of cancer, metabolic diseases and inflammation using its lead-identification technology. The Chemotype Evolution platform starts with an anchor molecule, such as a known inhibitor or peptide, and creates a library of two-component molecules. It then screens these molecules against multiple targets.
Under the Parkinson’s deal, the company will provide Amgen with potential therapeutic compounds for the neurodegenerative disorder, as well as for other targets. Carmot will deliver candidates to Amgen, while the pharma will take point on developing, manufacturing and commercializing any molecules.
Carmot also has a discovery and licensing deal with Genentech, inked in 2016. The financial terms and specific targets were not disclosed, but the collab takes the same format as the Amgen deal, with Carmot providing therapeutic prospects and Genentech taking responsibility for development and marketing.