NGM Bio Outlines 2021 Strategic Priorities Across Its Three Therapeutic Area Portfolios, Including Liver and Metabolic Diseases, Retinal Diseases and Oncology
- NGM advances its vision to build the next iconic biologics company, fueled by its in-house discovery engine
- Significant progress made across all three therapeutic area portfolios in 2020
- Phase 2b or Phase 3-enabling studies currently underway for three product candidates
- Recently completed upsized underwritten public offering of common stock, which included the full exercise by the underwriters of their option to purchase additional shares, resulting in gross proceeds of approximately $143.7 million
- Key 2021 milestones include:
• Planned initiation of Phase 1 studies for recently disclosed oncology candidates NGM707 and NGM438 expected in mid-2021 and fourth quarter 2021, respectively
• Topline data readout for Phase 2b ALPINE 2/3 study of aldafermin in patients with NASH expected in second quarter 2021
• Topline data readout for the dose-finding portion of the Phase 1a/1b study of NGM120 for the treatment of cancer anorexia/cachexia syndrome and cancer expected in the second half of 2021
SOUTH SAN FRANCISCO, Calif., Jan. 12, 2021 (GLOBE NEWSWIRE) -- NGM Biopharmaceuticals, Inc. (NGM) (Nasdaq: NGM), a biotechnology company focused on discovering and developing transformative therapeutics for patients, today outlined its key achievements in 2020 and its strategic priorities for 2021.
“2020 was a year of significant progress and growth for NGM across our pipeline, now comprising three therapeutic area portfolios – liver and metabolic diseases, retinal diseases and oncology. We have clinical programs underway across all of these therapeutic areas, including three programs in Phase 2b or Phase 3-enabling studies. We are also pleased to be heading into 2021 with approximately $425 million in cash, cash equivalents and short-term marketable securities, inclusive of the proceeds of our recent equity offering, to fuel our growing pipeline,” said David J. Woodhouse, Ph.D., Chief Executive Officer at NGM.
Dr. Woodhouse further commented, “Our vision is to build the next iconic biologics company, ultimately self-sustaining with multiple products on the market and a diverse pipeline of development candidates, all fueled by our in-house discovery engine and talented team. In 2021 we expect to make meaningful progress toward realizing that vision. We anticipate reporting topline data from our Phase 2b ALPINE 2/3 study of aldafermin in NASH patients in the second quarter and continue to aggressively plan for Phase 3 development. We also anticipate moving our two recently announced oncology clinical candidates, NGM707 and NGM438, into the clinic this year. Our inspiration to make progress and advance our pipeline are the many patients waiting for effective treatments.”
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