CHAPEL HILL, NC – The biotechnology start-up G1 Therapeutics Inc. announced Wednesday that it’s received a seed investment from the venture capital firm Hatteras Venture Partners to help advance the company’s drug discovery pipeline.
G1 Therapeutics, formerly known as G-Zero Therapeutics, is developing pre-clinical small molecule inhibitors to protect bone marrow and other organs from side effects of chemotherapy treatments and radiation, according to a news release.
The company was founded by Dr. Norman Sharpless, associate director for translational research at the University of North Carolina at Chapel Hill Lineberger Comprehensive Cancer Center, with Dr. Kwok-Kin Wong, scientific director at the Belfer Institute for Applied Cancer Science at the Dana-Farber Cancer Institute at the Harvard Medical School.
G1, which is named for the G1 phase of the cell cycle, has received more than $4 million in non-dilutive funding, according to the release, and has grants pending. Its funding sources have included the Small Business Innovation Research program, the University Cancer Research Fund at the University of the North Carolina Lineberger Comprehensive Cancer Center, and the N.C. Biotechnology Center.
Christy Shaffer, former president and CEO of Inspire Pharmaceuticals, a company acquired by Merck in 2011, is taking the role as executive chair of the company’s board. Clay Thorp, a general partner at Hatteras, will also be joining the board. Carol Webb, former company group chair of Johnson & Johnson Pharmaceuticals, has joined as an independent board member.
“Combining our innovative research with their extensive experience in building life science companies will help us realize our mission of delivering our promising pipeline to patients sooner,” said Jay Strum, president of G1 Therapeutics Inc., in a prepared statement in the release. “Their seed funding, along with our extensive non-dilutive grant funding, will be leveraged to accelerate several high value, preclinical programs.”
Read more: The Herald-Sun