Triangle oncology firm G1 Therapeutics raises $50M with millions more possible

RESEARCH TRIANGLE PARK – G1 Therapeutics (Nasdaq: GTHX)  is rolling out clinical trials for possible drugs such as one targeting colorectal cancer, and to fund that surge the oncology focused company has raised some $50 million. Millions more may be on the way.

“G1 is in a very data-rich period, including readouts of initial data from two more [Phase 2] 2 trials this year; then in 2023, initial pivotal data from two [Phase 3] trials (colorectal cancer in 1Q23, triple negative breast cancer in 2H23), and more mature data from our Ph2 trials,” William Roberts, vice president of investor relations and corporate communications, tells WRAL TechWire.

“Our goal was to build the balance sheet as we head into those data readouts and into any potential partnerships that might arise from positive data,” he adds.

In 2021, 1! secured FDA approval for an oncology drug called Cosela.

The $50 million came last week through a stock offering.

Millions more may come as well if the underwriters of the offering so chose.

“Regarding the additional shares, no update,” Roberts says. “The underwriters have a 30-day option to purchase those additional shares, so we have a couple of weeks yet.”

Read the full news announcement about the fund raise at this link. 

Durham cancer therapy firm G1 to expand sales force, ends co-promotion deal

The post Triangle oncology firm G1 Therapeutics raises $50M with millions more possible first appeared on WRAL TechWire.

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