NGM Biopharmaceuticals today announced it has closed the first tranche of a $51 million Series B round of financing with the help of Column Group, Tichenor Ventures, Prospect Venture Partners, Rho Ventures and other new and existing investors. The South San Francisco-based company, which was founded in 2008, also announced the appointment of McHenry Tichenor, Jr., managing member of Tichenor Ventures, to the NGM board of directors. He joins former Genentech CEO Art Levinson, who was named to NGM's board last October.
NGM has developed a drug discovery platform based on the company's observations of patient results following gastric bypass surgery. The company notes that people who undergo gastric bypass often experience immediate remission of diabetes, even before they've lost significant weight. Its gastrointestinal program is designed to understand and mimic the effects of bariatric
surgery-induced diabetes remission. Additionally, NGM has a portfolio of targets and factors that restore glucose balance in preclinical models of Type 2 diabetes.
- here's NGM's release