Finance Watch: NGM Bio Is Second NASH IPO In Two Weeks
Public Company Edition: NGM went public a week after Genfit, but endured a rockier start, trading below its IPO price. Also, Blueprint, Tricida and Sangamo launch large offerings after positive clinical and regulatory updates.
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Public Company Edition: Aileron, Talaris and Frequency said they will reduce expenses and seek options for maximizing shareholder returns under tough stock market conditions. However, CureVac and Supernus are among firms recently able to access new cash – $250m and $150m, respectively.
NGM will not proceed with a Phase III study in F2/F3 NASH following failure to show fibrosis benefit in Phase IIb. Analysts say this setback could portend disappointing readouts for other NASH players.
NGM’s Phase II data for FGF19 analog aldafermin shows ability to reduce liver fat and improve fibrosis, but also raises LDL-C. Company says it gets a broader effect this way and can manage the increased cholesterol.