** Shares of drug developer Sagimet Biosciences SGMT.O rise 52% to $5.53 premarket

** SGMT says its oral acne drug, denifanstat, met the main goals in a late-stage trial conducted by its Chinese partner Ascletis 1672.HK

** Denifanstat showed 33.2% treatment success rate versus 14.6% for placebo

** Denifanstat works by inhibiting the production of sebum, a key contributor to acne, through a novel mechanism of action, co says

** The drug reduced total acne lesions by 57.4% compared to 35.4% with placebo

** Ascletis plans to submit denifanstat for approval to Chinese regulators

** As of last close, stock down 19.3% YTD

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))