G1 Therapeutics closed its Series A funding round with USD 12.5 million in investment commitments. The round was led by MedImmune Ventures. Hatteras Venture Partners and Mountain Group Capital also participated in the fundraising. As part of the transaction, MedImmune Ventures Managing Director Michael Gutch, PhD and MedImmune Ventures Senior Managing Director Ron Laufer, MD, MPH had joined the Board of Directors of G1 Therapeutics.
G1 is a pharmaceutical firm that focuses on finding therapies for cancer as well as biodefense applications. Based in Chapel Hill, North Carolina, G1 said it would use the proceeds of the funding to advance its product for filing of Investigational New Drug application (IND) and initial clinical testing. Its lead clinical candidate reportedly had the potential to treat myelosuppression induced by chemotherapy. G1 said it planned to file its IND by summer next year and commence clinical testing before the end of 2014.
G1 Therapeutics Board of Directors Executive Chair Christy Shaffer, PhD said about the latest round, "We are excited to have MedImmune Ventures partner with Hatteras and G1 in order to accelerate the lead candidate toward clinical testing."
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