Fol­low­ing clin­i­cal set­backs, NGM Bio lays off 33% of staffers as founder de­parts

NGM Bio hint­ed at fi­nan­cial strain at the end of Feb­ru­ary when it an­nounced 2022 fi­nan­cial re­sults, not­ing a nar­rowed fo­cus on on­col­o­gy and an in­ten­tion to part­ner out some of the oth­er pro­grams in a cash-sav­ing move.

Now, ex­ecs have con­clud­ed that find­ing part­ners wouldn’t be enough. NGM Bio is go­ing for a broad re­vamp that will mean cut­ting 75 staffers, or a third of the work­force, in or­der to ex­tend its cash run­way in­to 2025.

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