NGM Biopharmaceuticals Secures $57.5 Million Series D Financing
March 23rd 2015
SOUTH SAN FRANCISCO, CA, March 23, 2015 – NGM Biopharmaceuticals, Inc., a privately-held biotechnology company that seeks to translate powerful biology into transformative medicines, today announced the completion of a $57.5 million Series D financing.
Proceeds from the financing will be used to broaden the expertise and capabilities of the NGM team, to advance the company’s lead product candidate, NGM282, through clinical trials in metabolic and bile acid-related diseases and to fund the continued expansion of NGM’s robust drug discovery engine. The financing’s initial closing was in October 2014 and the final closing occurred in February 2015.
NGM’s Series D financing was led by a combination of existing and new investors, constituting a syndicate of high quality funds that included The Column Group, Prospect Ventures, Tichenor Ventures and Topspin Partners.
“We are very pleased with the ongoing support of our established investors and the confidence of our new stockholders as we take an integrated approach to building out our corporate strategy and exploring the breadth of our biology-driven discovery platform,” said William Rieflin, Chief Executive Officer of NGM. “This financing – coupled with our recently announced Merck collaboration – provides us with the flexibility to expand our team and ambitiously pursue exciting science, including the development of NGM282, our non-tumorigenic FGF19 protein variant.”
About NGM Biopharmaceuticals, Inc.
NGM Biopharmaceuticals applies fundamental discoveries in human pathophysiology to create novel biologics for the treatment of a broad spectrum of life-threatening diseases. NGM’s lead compound, NGM282, a wholly-owned asset, is being studied in a variety of bile acid-related diseases and nonalcoholic steatohepatitis. NGM has established collaborations with Merck, MedImmune, Daiichi Sankyo and JDRF. NGM is a privately-held company backed by investments from The Column Group, Merck, Prospect Ventures, Rho Ventures, Tichenor Ventures, Topspin Partners and other leading investors around the world. For more information, please visit www.ngmbio.com.