University of North Carolina Spinout G1 Therapeutics Locks in $47 Million Series C Financing
- Proceeds will advance lead CDK4/6 inhibitors through early and mid-stage clinical trials, expand pipeline in multiple oncology indications
RESEARCH TRIANGLE PARK, N.C., May 11, 2016 (GLOBE NEWSWIRE) -- G1 Therapeutics, Inc., a clinical-stage oncology company, announced today the completion of a $47 million Series C financing led by new investor Cormorant Asset Management. Additional new investors include Aju IB Investment, Cowen Private Investments, Franklin Templeton Investments and Rock Springs Capital. All existing investors participated in the financing: Eshelman Ventures, Hatteras Venture Partners, Lumira Capital, MedImmune Ventures, Mountain Group Capital, RA Capital and Tavistock Life Sciences.
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. G1T28 is a potential first-in-class combination therapy that is currently in two proof-of-concept trials in patients with small-cell lung cancer. G1T38 is a potential best-in-class oral drug that will begin clinical development later this month.
“We are encouraged by the enthusiasm of our new and existing investors in the potential of our CDK4/6 inhibitors to be first and best-in-class therapeutics across multiple oncology indications,” said Mark Velleca, MD, PhD, Chief Executive Officer of G1 Therapeutics. “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.”
“G1 is an emerging leader in the validated CDK4/6 inhibitor space, with two promising drug candidates that address distinct multi-billion dollar markets,” added Bihua Chen, Chief Executive Officer of Cormorant Asset Management.
About G1 Therapeutics, Inc.
G1 Therapeutics is a clinical-stage oncology company developing novel, small-molecule therapies that address significant unmet needs in people with cancer. The company is advancing G1T28, a potential first-in-class drug candidate, and G1T38, a potential best-in-class compound, in multiple oncology indications. G1 is privately held and based in Research Triangle Park, NC.
Visit www.g1therapeutics.com for more information.