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23 May 2016

G1 raises $47m in series C

All G1's existing investors, including MedImmune, returned for a $47m funding round that boosted the cancer drug developer’s total funding to $92.5m.

Author: Thierry Heles, editor

MedImmune Ventures, the corporate venturing division of biotechnology researcher MedImmune, has taken part in a $47m series C round for US-based clinical-stage pharmaceutical company G1 Therapeutics.

The round was led by Cormorant Asset Management and also featured Aju IB Investment, Cowen Private Investments, Franklin Templeton Investments, Rock Springs Capital, Eshelman Ventures, Hatteras Venture Partners, Lumira Capital, Mountain Group Capital, RA Capital and Tavistock Life Sciences.

Founded in 2012, G1 Therapeutics is a spinout of North Carolina University’s Lineberger Comprehensive Cancer Center which is developing cancer treatments. It will use the money to advance the clinical development of its two lead drug candidates and expand its pipeline.

G1 previously closed a $33m series B round in February 2015 that was co-led by Eshelman and RA Capital. The round also included MedImmune Ventures, Lumira, Hatteras, Mountain Group and Boxer Capital, the public investment fund run of Tavistock.

MedImmune Ventures had also led the company’s $12.5m series A round in 2013, investing together with Hatteras and Mountain Group.

– This story first appeared on our sister site Global Corporate Venturing.

Supporting articles: G1 banks $33m series B

Copyright Mawsonia Limited 2010. Please don´t cut articles from www.globaluniversityventuring.com or the PDF and redistribute by email or post to the web without written permission.

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