Date: May 11, 2016 Author: Jason deBruyn Source: bizjournals (
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G1 Therapeutics, a UNC-Chapel Hill spinout developing cancer treatments, raised $47 million from private investors.
This fundraiser comes on the back of $33 million raised in 2015 and $12.5 million raised in 2014. Investors include local venture capital groups like Hatteras Venture Partners and Eshelman Ventures. However, in the latest round, G1 disclosed that total investors have doubled from 10 to 20 groups and included new investors Aju IB Investment, Cowen Private Investments, Franklin Templeton Investments and Rock Springs Capital.
G1 Therapeutics
What stands G1 apart from other drug developers is that it is developing a way to protect bone marrow during chemotherapy treatments. When treating cancer, chemotherapy will kill a tumor, but often will also kill many of the healthy cells in a body. If the G1 treatment can successfully protect healthy cells in a cancer patient, it could become a breakthrough in cancer treatments.
G1 is led by Mark Velleca, who came to the company in 2014 after a career that included stops at other life sciences startups, The Leukemia & Lymphoma Society and Yale University School of Medicine.
G1's lead product candidate, G1T28, is being developed as a first-line combination treatment for small-cell lung cancer (SCLC). In April, G1 presented preliminary clinical trial data from G1T28 at the 2016 American Association for Cancer Research (AACR) Annual Meeting.
The additional funds will fund continued development of the lead candidate, of a second drug, G1T38, and to expand its pipeline in other oncology indications. G1 plans to use the proceeds to advance the clinical development of its lead CDK4/6 inhibitors, G1T28 and G1T38, and to expand its pipeline in multiple oncology indications.
"We are encouraged by the enthusiasm of our new and existing investors in the potential of our (drug candidates) to be first and best-in-class therapeutics across multiple oncology indications," said Velleca. "We look forward to advancing our lead therapies through early and mid-stage clinical studies, and expanding our pipeline to address significant unmet needs in people with cancer."
Jason deBruyn covers the biopharmaceutical and health care industries. Follow him on Twitter @TriBizHealth or @jasondebruyn.
