RPHM - Sagimet Biosciences Announces Appointment of Tim Walbert and Paul Hoelscher to its Board of Directors | Benzinga
SAN MATEO, Calif., March 25, 2024 (GLOBE NEWSWIRE) -- Sagimet Biosciences Inc. ((Sagimet, NASDAQ:SGMT), a clinical-stage biopharmaceutical company developing novel fatty acid synthase (FASN) inhibitors designed to target dysfunctional metabolic and fibrotic pathways, today announced the appointments of two biotechnology industry leaders, Tim Walbert and Paul Hoelscher, to the board of directors of the Company, effective April 1, 2024.
"We are fortunate to have Tim and Paul join us at this key stage as we prepare to initiate a pivotal, Phase 3 trial for our lead candidate denifanstat in MASH in the second half of 2024," said Dave Happel, CEO of Sagimet. "With his experience as CEO of public commercial-stage biotechs and service on numerous biotechnology boards, Tim will bring a wealth of strategic, business development, and commercial experience. I also welcome Paul, whose experience in capital markets as well as accounting and finance will be invaluable for Sagimet's next steps. I anticipate that Tim and Paul's industry experience and insights will be of tremendous value to achieving our strategic priorities in 2024 as we advance denifanstat into Phase 3 development."
"I am excited to join Sagimet's board as the company focuses on moving denifanstat into Phase 3 following the successful completion of its Phase 2b studies," Mr. Walbert commented. "Sagimet is well-positioned for its next stage of growth, with an experienced team and demonstrated clinical results. I look forward to contributing my experience in strategic leadership to help Sagimet achieve its goal to bring denifanstat, with its differentiated mechanism of action as a fat inhibitor, to an underserved patient population."
Mr. Walbert has nearly 30 years of biotechnology and industry experience. He joins Sagimet's board following a 15-year tenure as president, chief executive officer, and chairman of the board at Horizon Therapeutics, which he built from inception to a leading rare disease company. In 2023, Amgen acquired Horizon for $28 billion, and Mr. Walbert currently serves as a senior advisor to Amgen. Before joining Horizon, he was president, chief executive officer and director of IDM Pharma Inc., a public biotechnology company, which was acquired by Takeda America Holdings Inc. in June 2009. Before IDM, Mr. Walbert served as executive vice president, commercial operations at NeoPharm Inc., a public biotechnology company. From 2001 to 2005, he was divisional vice president and general manager, immunology, at Abbott, now AbbVie, leading the global development and launch of the multi-indication biologic HUMIRA, and served as divisional vice president, global cardiovascular strategy. From 1998 to 2001, Mr. Walbert served as director, CELEBREX North America, and arthritis team leader, Asia Pacific, Latin America and Canada, at G.D. Searle & Company. From 1991 to 1998, he also held sales and marketing roles with increasing ...