NGM Biopharmaceuticals Secures $50 Million in Series C Financing to Advance its Portfolio of Novel Therapies for Diabetes and Obesity
SOUTH SAN FRANCISCO, Calif., July 18, 2013 /PRNewswire/ -- NGM Biopharmaceuticals, Inc. announced today the successful completion of a $50 million Series C financing to support advancing its portfolio of potential therapeutics for the treatment of diabetes, obesity and other cardio-metabolic diseases.
Several new investors participated in the Series C financing, including the Topspin Fund, an investment group comprised of James Simons, Leo A. Guthart, Andy Gyenes and Steven Winick. The financing also included participation from our existing investors, including The Column Group, Prospect Venture Partners, Rho Ventures and Tichenor Ventures. With the Series C financing, NGM has raised over $130 million since the company's founding in 2008.
"With this $50 million round of equity financing, coupled with non-dilutive capital from our collaborations with Daiichi Sankyo, Janssen, MedImmune and JDRF, NGM is well-positioned to advance the promising pipeline of candidates generated by our drug discovery efforts," said William J. Rieflin, Chief Executive Officer of NGM. "We remain focused on delivering the next generation of first-in-class therapeutics for the treatment of diabetes and other cardio-metabolic diseases."
About NGM Biopharmaceuticals, Inc.
Founded in 2008, NGM is a privately-held drug discovery company in South San Francisco, California committed to the identification and development of transformational biologics for diabetes, obesity and other cardio-metabolic diseases. NGM has established collaborations with Daiichi Sankyo, Janssen Pharmaceuticals, MedImmune and JDRF. For more information, please visit the company's website at www.ngmbio.com.
SOURCE NGM Biopharmaceuticals, Inc.