G1 Therapeutics, Inc., Chapel Hill, NC-based pharmaceutical company that focuses on the discovery and development of novel small molecules for use in cancer therapy and biodefense applications, raised $12.5M in Series A financing.
The round was led by MedImmune Ventures, with participation from Hatteras Venture Partners and Mountain Group Capital. In conjunction with the funding, Michael Gutch, Ph.D., Managing Director, MedImmune Ventures, and Ron Laufer, M.D., M.P.H., Senior Managing Director, MedImmune Ventures, joined G1’s board of directors.
The company will use the funds to advance its lead clinical candidate through the filing of an Investigational New Drug application (IND) and initial clinical testing.
G1’s lead clinical candidate is a proprietary cyclin-dependent kinase (CDK) 4/6 inhibitor that has been evaluated in a number of pre-clinical studies for the potential treatment of chemotherapy-induced myelosuppression. Based on a recent pre-IND meeting with the U.S. Food & Drug Administration, the company expects to file its IND by summer 2014 and initiate clinical testing before the end of 2014.
G1 was founded by Dr. Ned Sharpless of the University of North Carolina Lineberger Comprehensive Cancer Center and Dr. Kwok Wong of the Belfer Institute of Applied Cancer Science at the Dana-Farber Cancer Institute and is led by Christy Shaffer, Ph.D., Executive Chair of the board.