Sagimet Biosciences (SGMT) closed an offering of nearly 8.8 million series A common shares at $10 apiece and pre-funded warrants to buy 2.8 million common shares at $9.99 per warrant for gross proceeds of $115 million, it said late Thursday.

The pre-funded warrants are exercisable immediately, according to a statement.

Net proceeds will be used to fund a phase 3 clinical trial for denifanstat in acne, TVB-3567 through phase 2 topline results, advance a topical formulation FASN inhibitor program to investigational new drug application submission, and for general corporate purposes, the company said.