Carmot Therapeutics (CRMO) has filed for a proposed Initial Public Offering (IPO).
The company describes itself as: “We are a clinical-stage biotechnology company dedicated to developing life-changing therapeutics for people living with metabolic diseases including obesity and diabetes. Obesity and diabetes are the two most prevalent diseases in the world, affecting more than 750 million people, and are associated with severe health complications, including cardiovascular disease (CVD), chronic kidney disease (CKD), as well as an increased risk of death, among others. Despite recent approvals of drugs (such as Ozempic/Wegovy, marketed by Novo Nordisk, and Mounjaro, marketed by Eli Lilly) targeting select metabolic hormones, or incretins, for the treatment of these diseases, we believe a number of limitations remain including tolerability, prolonged titration schemes, and administration and supply challenges. We are developing our broad, wholly-owned pipeline of novel incretin agonists, using our Chemotype Evolution platform, with the potential to address these shortcomings and produce significant weight loss and glycemic control. Our patient-focused portfolio has the potential to provide differentiated solutions for every patient’s individual metabolic health journey. “
J.P. Morgan, BofA Securities, Piper Sandler and Guggenheim Securities will serve as underwriters.