NGM Bio Secures $122M Series A to Fund Key Trials in PSC and Hyperemesis Gravidarum

SOUTH SAN FRANCISCO, CA, USA | July 17, 2024 | NGM Biopharmaceuticals, Inc. (NGM Bio), a privately held biotechnology company, has announced the successful completion of a $122 million Series A financing round. This funding effort was led by The Column Group (TCG) with additional support from select investors. The raised capital will be utilized to initiate a registrational trial for aldafermin, a specialized FGF19 analog designed for the treatment of primary sclerosing cholangitis (PSC), and to complete a Phase 2 trial for NGM120, a GDF15/GFRAL antagonist aimed at treating hyperemesis gravidarum (HG). Both trials are projected to commence in the fourth quarter of 2024.

David J. Woodhouse, PhD, CEO of NGM Bio, expressed his enthusiasm regarding the recent Series A financing. "Our strategy at the start of this year was to push forward clinical development for two serious, rare medical conditions with significant unmet needs. This Series A funding significantly enhances our financial standing, allowing us to pursue the planned registrational trial of aldafermin for PSC and to evaluate NGM120 in a proof-of-concept study for HG," said Woodhouse. Recently, NGM Bio completed a take-private transaction in April, aimed at boosting the company's efficiency and flexibility. Woodhouse extended his gratitude to TCG and the new investors for their support and anticipated sharing further details on the trials in the months to come.

Peter Svennilson, Founder and Managing Partner of TCG, echoed the sentiment. "The Column Group has always supported NGM Bio's mission to convert extraordinary scientific discoveries into meaningful therapeutics. NGM Bio has consistently shown remarkable resilience and scientific rigor in its pursuit of life-saving medicines. With this Series A investment, TCG is excited to support the promising opportunities represented by aldafermin and NGM120 as potential treatments for PSC and HG," said Svennilson. Concurrent with the Series A financing, Svennilson joined NGM Bio’s Board of Directors.

Aldafermin is positioned as a potential treatment for PSC, a rare disease that severely damages bile ducts and leads to bile acid dysregulation, potentially resulting in end-stage liver disease, liver failure, and bile duct cancer. NGM Bio's advancement of aldafermin is backed by extensive clinical data demonstrating its potential to address the underlying bile acid dysregulation associated with PSC. The forthcoming registrational trial for aldafermin is expected to employ proposed surrogate endpoints to achieve accelerated approval.

NGM120 is being developed as a potential treatment for HG, a condition marked by severe nausea and vomiting that can lead to dehydration, malnutrition, weight loss, and other serious health issues during pregnancy. HG has substantial physical and psychosocial impacts, often resulting in higher rates of fetal loss, preeclampsia, preterm birth, and maternal depression. NGM Bio's development of NGM120 is grounded in its decade-long research into GDF15 biology and its therapeutic applications. Recent genetic studies have linked HG to elevated serum levels of GDF15. NGM120 is an antibody designed to block GDF15 signaling through its receptor GFRAL, located in brain cells involved in nausea and vomiting, thereby offering potential therapeutic benefits for HG patients.

Both aldafermin and NGM120 were discovered through NGM Bio’s in-house research efforts, leveraging their advanced understanding of disease biology and protein engineering to generate promising therapeutic candidates.