–Proceeds to support the development of Carmot’s broad metabolic clinical pipeline, including two Phase 2 studies of CT-388, a once-weekly, dual GLP-1/GIP receptor modulator for obese adults with and without type 2 diabetes –

– Carmot is also developing CT-868, a once-daily dual GLP-1/GIP receptor modulator for patients with type 1 diabetes, and CT-996, an oral GLP-1 receptor agonist for obesity and type 1 diabetes 2 diabetes –

– Data for CT-388 and CT-868 will be highlighted on the 83rd^approx American Diabetes Association Scientific Sessions –

– Series E funding led by Deep Track Capital and backed by a consortium of new and existing healthcare investors including 5AM Ventures, Franklin Templeton, Frazier Life Sciences, Janus Henderson Investors, RA Capital Management, Millennium Management, TCGX, The Column Group, Venrock Healthcare Capital Partners and Willett Advisors –

BERKELEY, Calif., May 25, 2023 (GLOBE NEWSWIRE) — Carmot Therapeutics, Inc., a clinical-stage biotechnology company developing disease-modifying therapies for metabolic diseases, today announced an oversubscribed and increased $150 million Series E financing -dollar known. The financing was led by Deep Track Capital. The syndicate also included new investors 5AM Ventures, Franklin Templeton, Frazier Life Sciences, Janus Henderson Investors, Millennium Management, TCGX, Venrock Healthcare Capital Partners, and existing investors RA Capital Management, The Column Group and Willett Advisors. Proceeds from the financing will be used to bolster Carmot’s broad portfolio of clinical and pre-clinical assets aimed at modulating gut hormones central to energy homeostasis.

“We are pleased to have such a respected group of life science investors who appreciate and recognize our advances to date and share our vision of treating obesity and diabetes with novel incretin modulators,” said Heather Turner, Carmot’s chief executive officer. “With three clinical-stage candidates currently in development,…