NGM Biopharmaceuticals Raises $51 Million in Series B Financing and Appoints New Board Member
SOUTH SAN FRANCISCO, Calif., March 15 /PRNewswire/ -- NGM Biopharmaceuticals today announced it has closed the first tranche of a $51 million Series B round of financing. The Series B round included The Column Group, Tichenor Ventures, LLC, Prospect Venture Partners, Rho Ventures and other new and Series A investors. With this financing, NGM also announced the appointment of McHenry (Mac) T. Tichenor, Jr., Managing Member of Tichenor Ventures, to the NGM board of directors.
NGM has created a proprietary discovery platform based on biological insights into the effects of bariatric gastric bypass surgery and post-surgical resolution of type 2 diabetes and other metabolic disorders. NGM has established a portfolio of novel targets and factors that effectively restore glucose balance in preclinical models of type 2 diabetes.
"We welcome Mac Tichenor as a member of the NGM board. Mac brings a wealth of experience in building and managing successful companies, and his expertise will be a great asset for NGM," said David Goeddel, PhD, Chairman and Chief Executive Officer.
McHenry (Mac) Tichenor is a private investor, entrepreneur and philanthropist with broad experience in managing and growing successful businesses. Mr. Tichenor served as President, Chief Executive Officer and Director of Tichenor Media System, Inc., which he subsequently merged with the Hispanic Broadcasting Corporation and, ultimately, with Univision Communications. He has also served as a director of several public companies. Mr. Tichenor is currently Executive Director of WWWW Foundation (Quad W), a non-profit organization devoted, in part, to cancer research. He is active on various corporate and university boards, including Belo Corp., the McCombs School of Business Advisory Council at the University of Texas at Austin and the MD Anderson Cancer Center Board of Visitors.
About NGM Biopharmaceuticals
NGM Biopharmaceuticals, Inc. is dedicated to the discovery and development of transformational medicines. Relying on human clinical and genetic observations, the Company has established a unique research and discovery platform to identify and validate novel targets and factors that impact the underlying etiology of metabolic diseases. NGM's strategy is to elucidate the roles of these previously unidentified or unexplored hormones, receptors and factors in the systemic regulation of metabolism.
Using this integrated approach NGM is generating a pipeline of new drug candidates as novel treatments for diseases such as diabetes, obesity, muscle wasting and cardiovascular disease. Founded in 2008, NGM has world-class scientists and an accomplished executive team with broad experience in building and managing biotechnology companies. NGM is headquartered in South San Francisco, California. For more information, please visit the Company's website at http://www.ngmbio.com.