UPDATED: NGM concedes key failure for their lead NASH drug, closing the door on a pivotal followup — and asking analysts to look past the wreckage into the pipeline
A little more than a year ago NGM whipped up considerable enthusiasm for its anti-fibrotic NASH drug aldafermin based on a cohort of patients who showed a marked response to the treatment. But its great expectations — backed by some enthusiastic analysts — failed to pan out at the primary endpoint in the crucial Phase IIb that followed among people with stage 2 or 3 fibrosis. And while another trial in more severely afflicted patients is continuing, NGM is taking its $400 million in cash reserves and shifting focus to the rest of the pipeline, ending any hopes for a pivotal in this group — and blasting the beliefs they had inspired earlier.
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