Sagimet Biosciences Inc. (NASDAQ:SGMT), a pharmaceutical company specializing in the development of therapeutic treatments, announced the expansion of its board of directors and the appointment of two new members. Jennifer Jarrett and Dr. Anne Phillips have been appointed as directors, effective Thursday, with their terms expiring at the company's 2025 Annual Meeting of Stockholders.
Jennifer Jarrett, 53, brings a wealth of experience from her tenure as Chief Operating Officer at Arcus Biosciences (NYSE:RCUS), Inc. and previous investment banking roles, including a Managing Director at Citigroup. She has served on several boards, including at Uber (NYSE:UBER), Inc. and Medivation, Inc., and holds a B.A. from Dartmouth College and an M.B.A. from Stanford Graduate School of Business.
Dr. Anne Phillips, 70, has over two decades of experience in the pharmaceutical industry, most recently as a Senior Vice President at Novo Nordisk (NYSE:NVO) A/S. Dr. Phillips has held various senior positions at GSK plc and serves on the boards of Trevena (NASDAQ:TRVN), Inc., Barinthus Biotherapeutics plc, and vTv Therapeutics (NASDAQ:VTVT) Inc. She received her M.D. from the University of Toronto.
Sagimet Biosciences' board determined that both appointees are independent under Nasdaq listing rules. There are no reported related party transactions or family relationships between the new directors and the company's executives.
In line with the company's non-employee director compensation policy, Jarrett and Phillips will receive annual retainers and were granted stock options valued at $300,000 each under the 2023 Stock Option and Incentive Plan, vesting over three years.
The expansion to nine directors is part of the company's broader strategy to strengthen its leadership as it continues to advance its pharmaceutical programs. This information is based on a press release statement.
In other recent news, Sagimet Biosciences has seen a shift in its stock outlook following a rating change by Goldman Sachs, which downgraded the company's rating from "Buy" to "Neutral" and significantly lowered the price target. This adjustment was attributed to the company's transition into a phase with fewer catalysts that could drive the stock's value. Despite this, Sagimet Biosciences' lead asset, denifanstat, continues to show promise in treating patients with F2/F3 NASH/MASH, as evidenced by the Phase 2b FASCINATE-2 biopsy data.
Further, Sagimet Biosciences received a Buy rating from TD Cowen following positive topline results from its Phase 2b FASCINATE-2 trial. The trial, which evaluates the efficacy of denifanstat in treating non-alcoholic steatohepatitis (NASH), has shown promising outcomes.
Moreover, H.C. Wainwright initiated coverage on Sagimet Biosciences with a Buy rating, emphasizing the potential of denifanstat as a therapy for metabolic dysfunction-associated steatohepatitis (MASH).
These recent developments reflect Sagimet Biosciences' commitment to advancing treatments for conditions like NASH and MASH. As the company prepares for an End of Phase 2 meeting with the FDA and the anticipated initiation of Phase 3 trials, investors can look forward to more updates on Sagimet Biosciences' progress.
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