CHAPEL HILL, N.C., Oct. 16, 2013 /PRNewswire/ -- G1 Therapeutics, Inc. today announced that it has raised a Series A financing of $12.5M that will enable the advancement of its lead clinical candidate through the filing of an Investigational New Drug application (IND) and initial clinical testing. The financing was led by MedImmune Ventures. Co-investors include Hatteras Venture Partners and Mountain Group Capital. Michael Gutch, Ph.D., Managing Director, MedImmune Ventures, and Ron Laufer, M.D., M.P.H., Senior Managing Director, MedImmune Ventures, have joined G1's board of directors.
G1's lead clinical candidate is a proprietary, potent and selective 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 Therapeutics has made significant progress since Hatteras provided seed financing in September 2012 that enabled the company to select a lead molecule and complete the majority of pre-IND-required studies," said Christy Shaffer, Ph.D., Executive Chair of G1 Therapeutics' Board of Directors. "We are excited to have MedImmune Ventures partner with Hatteras and G1 in order to accelerate the lead candidate toward clinical testing."
In addition to venture funding, G1 received several government grants to fund its drug discovery pipeline, including a National Cancer Institute Fast Track Grant in 2012 for its lead potential indication. In addition, the company received early funding from the North Carolina Biotechnology Center and the University of North Carolina's Kickstart Program. The company was founded on intellectual property from the Sharpless lab, which was in part funded by the University Cancer Research Fund.
"Ron and I are delighted to be joining the board," said Michael Gutch, Ph.D., Managing Director at MedImmune Ventures. "We look forward to working alongside Hatteras and Mountain Group to support the innovative and elegant science from G1's founders, 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, to address the serious complications of myelosuppression in patients undergoing chemotherapy treatment."
About G1 Therapeutics, Inc.
G1 Therapeutics, Inc. is a privately held pharmaceutical company based in Chapel Hill, NC that focuses on the discovery and development of novel small molecules for use in cancer therapy and biodefense applications. These molecules are being developed for targeting specific proteins associated with cell proliferation and growth. Such therapies may be useful to protect the bone marrow and other organs, including the kidney and lung, from toxic insult. In October 2013, the company raised $12.5 million in a Series A financing led by MedImmune Ventures that will enable it to advance its lead clinical candidate into clinical trials for the potential treatment of chemotherapy-induced myelosuppression. Visit www.g1therapeutics.com for more information.
About Hatteras Venture Partners
Hatteras Venture Partners (HVP) is a venture capital firm based in Durham, NC with a focus on seed and early stage opportunities in biopharmaceuticals, medical devices, diagnostics, and related opportunities in human medicine. The firm consists of an experienced team with a broad and complementary skill set that is particularly relevant to building successful new biomedical companies. Hatteras Discovery provides seed funding to facilitate company launches, particularly out of academia. Visit www.hatterasvp.com for more information.
About MedImmune Ventures
MedImmune Ventures, a wholly-owned global venture capital fund within the AstraZeneca Group, invests in private companies developing small and large molecule therapeutics, pharmaceutical technologies and platforms, medical devices and diagnostics, and imaging and healthcare information technology. MedImmune Ventures invests across all therapeutic areas, in companies with early to late-stage technologies, from seed through mezzanine rounds of financing. MedImmune Ventures manages $400 million in an evergreen fund and has invested in more than 30 companies since 2002. For more information, visit www.medimmuneventures.com.
SOURCE G1 Therapeutics, Inc.