Carmot Therapeutics, a clinical-stage biotechnology company applying its proprietary drug discovery platform, Chemotype Evolution, to discover and develop disease-modifying therapies in metabolic disease and cancer, announced today a $160 million Series D financing.

The financing was led by The Column Group with a significant investment from new investor, RA Capital Management. Deep Track Capital, Willett Advisors, Horizons Ventures and other institutional investors also participated in the round. In connection with the financing, RA Capital will hold a Board Observer seat at Carmot.

Carmot Therapeutics is focused on the discovery and development of disease-modifying therapies for patients living with metabolic diseases and cancer. Carmot applies Chemotype Evolution (CE), a pioneering drug discovery platform, in combination with unique biological expertise to identify innovative and superior therapeutics. In metabolic disease, Carmot is combining CE with novel insights into incretin receptor signaling to develop a broad, valuable pipeline of peptide-based and small molecule therapeutics. Carmot's dual GLP-1/GIP receptor modulator has entered Phase 2 development and has the potential to be best in a new class of treatments for obesity and its many co-morbidities including type 2 diabetes.