RESEARCH TRIANGLE PARK, N.C. – G1 Therapeutics Inc., a clinical-stage biopharmaceutical company based in the Research Triangle Park, filed Thursday for an initial public offering of $115 million.
G1 Therapeutics focuses on the discovery and development of novel therapeutics for the treatment of cancer. It plans to use proceeds from the offering to advance the development of its trilaciclib, G1T38 and G1T48 drugs.
G1 Therapeutics is believed to be the only company with two distinct clinical-stage CDK4/6 inhibitors, trilaciclib and G1T38, each of which has the potential to be the foundation of multiple regimens.
The company reported a net loss of $30.3 million in 2016, a 49 percent increase from its net loss of $20.3 million in 2015. The company reported an accumulated deficit of $65 million as of Dec. 31, 2016.
G1 Therapeutics reported that its net losses have resulted from costs incurred in connection with its research and development programs and from general expenses associated with its operations.
The company has received all of its revenue to date from government grants.
J.P. Morgan Securities LLC, Cowen and Company LLC, Needham & Company LLC and Wedbush Securities Inc. are underwriting the offering.
The filing lists the company’s book value per share before the offering as negative $14.49 per share, with a book value of $0.70 after going public.
Mark Velleca has served as G1 Therapeutics’ president and CEO since May 2014. Prior to G1, Velleca was a co-founder and the senior vice president of CGI Pharmaceuticals Inc., a biopharmaceutical company, from 1999 to 2010.
Velleca’s total compensation for 2016 was $1,334,796. He received a base salary of $405,000 and $788,196 in option awards.