NGM Biopharmaceuticals secured almost $13.5 million in an equity offering targeted at $50 million, a securities filing showed. Rather than betting on a single drug, NGM is using a basic-science approach to uncover how genes, hormones and receptors regulate diabetes, obesity and other cardiometabolic disorders. The company hopes to develop a treatment that mimics the benefits of gastric bypass surgery, which has been shown to improve type 2 diabetes outcomes even before weight loss begins.

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