NGM Biopharmaceuticals has rounded up a $50 million Series C financing to advance the development of its portfolio of therapeutics to treat diabetes, obesity, muscle wasting and other cardio-metabolic diseases.
The South San Francisco-based company, whose board of directors includes Genentech legend Art Levinson, has been engaged in basic scientific research for the past 5 years. In May, NGM announced it had raised nearly $13.5 million toward that $50 million goal, and several new investors have added to the pot.
Multiple new investors participated in the Series C financing, including the Topspin Fund, an investment group made up of James Simons, Leo A. Guthart and Steven Winick--who have also financed Aragon Pharmaceuticals--as well as Andy Gyenes. The Column Group, Prospect Venture Partners, Rho Ventures and Tichenor Ventures also participated in the financing.
The Series C financing raises the company's overall funding level to over $130 million since the company was founded in 2008.
One of the company's projects includes a drug-discovery platform based on the idea that certain genes might be turned on and off during gastric bypass surgery, which can eliminate symptoms of diabetes even before patients have lost significant weight. NGM has collaborations with Daiichi Sankyo, Janssen Pharmaceuticals, MedImmune and JDRF.
- here's the press release