G1 Therapeutics, a biotechnology startup in Research Triangle Park, said Wednesday it raised $47 million in venture capital funding that will allow it to continue developing two cancer drugs.
G1’s haul is more than any Triangle startup has raised in a single financing round since Humacyte, another RTP biotech startup, raised $150 million last October. It also brings G1’s total funding to $93 million since 2012.
The company’s investors include Hatteras Venture Partners, the Durham firm that provided G1 with $600,000 in seed money in 2012 and has participated in all three subsequent financing rounds. The $47 million in Series C financing supplies G1 with sufficient cash to operate for 2 years, said CEO Mark Velleca.
The company was founded in 2008 as G0 and renamed in 2012. It’s developing an intravenous drug to protect the bone marrow and immune systems of cancer patients receiving chemotherapy, and is also developing an oral drug to stifle the cell division of breast cancer tumors.
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The IV drug, called G1T28, is in two Phase 2 clinical trials, and G1 plans to use its Series C funding to continue patient recruitment with a goal of enrolling 140 patients. The drug is not expected to be on the market until 2019 at the earliest, Velleca said.