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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