NGM bags $107M from an IPO designed to back their play in the big NASH R&D race
Keying off some encouraging preliminary Phase II data for NASH and a longstanding collaboration with Merck that has generated hundreds of millions of dollars in research support, NGM Bio joined the 2019 class of biotech IPOs with a $107 million windfall.
The company successfully sold 6.7 million shares at $16 — the top of the range.
They’ll use the new money to follow through on their ongoing Phase II for NGM282, gambling that they can continue to impress investors with the data as they pursue their grand ambition of winning an OK for a best-in-class NASH drug. They’ll continue to reap data from the Phase II this year as researchers track results in more patients, then shift to a Phase IIb that reads out in 2020, which they hope will set the stage for a Phase III pivotal program.
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