NGM Biopharmaceuticals, Inc., Led by Genentech (RHHBY) Vets Levinson and Goeddel, Raises $13.5 Million
5/6/2013 9:33:29 AM
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Drug developer NGM Biopharmaceuticals Inc., which counts big-time Genentech Inc. names like Art Levinson and Dave Goeddel among its leadership, raised nearly $13.5 million toward a $50 million goal. The South San Francisco company, which in January inked a diabetes drug deal with Janssen Pharmaceuticals Inc., said in a Securities and Exchange Commission filing Thursday that 14 investors have stepped up since the equity offering began April 9. The company, led by CEO Bill Rieflin and President and Chief Scientific Officer Jin-Long Chen, did not specify those investors. NGM is a sort of throwback biotech company: Instead of betting on a single licensed drug and taking it into clinical trials, it has spent the past five years uncovering the basic science around how hormones and receptors regulate cardiometabolic diseases like diabetes, obesity, muscle wasting and cardiovascular disorders.
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