NGM Biopharmaceuticals slumps as eye disease drug fails in study

NGM Biopharmaceuticals

17/10/2022 13:17

** Shares of drug developer NGM Biopharmaceuticals  NGM.O 
decline ~66% to $3.89 before the bell
    ** NGM says its mid-stage trial testing its drug NGM621 in
patients with geographic atrophy failed to meet main goal
 urn:newsml:reuters.com:*:nGNX6mzkVh
    ** Co says in study, NGM621 did not show a statistically
significant reduction in the rate of change in disease area over
52 weeks
    ** Adds that there were no drug-related serious adverse
events in study 
    ** Geographic atrophy is a disease of the retina for which
there is currently no treatment
    ** As of last close, NGM down 35% YTD 
 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))