G1 Therapeutics secures $47m Series C financing

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.