University of North Carolina spin out G1 Therapeutics is on track to raise $1 million.
The company has raised $457,902 in financing comprised of a mix of debt, options, warrants and other rights, according to securities filings. A total of five investors have participated in the offering to date.
G1, which known as G-Zero Therapeutics, is developing a treatment to prevent damage to bone marrow from radiation or chemotherapy. The technology is also being studied as a way to protect the kidney. G1 is developing technology discovered in the laboratory of Norman Sharpless, G1’s co-founder and a professor of medicine and genetics at UNC’s school of medicine.
If the company reaches its $1 million target, it can add that money to a Phase 1 Small Business Innovation Research (SBIR) Innovation Research Grant from the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), part of the National Institutes of Health. G1 announced this week that it received the grant but it did not specify how much was awarded.
G1 did say the grant will be applied toward “Development of Cdk4/6 Inhibitors as Novel Renal Protectants.” The company said that successful completion of these studies will allow G1 scientists to advance the work take this technology through a Phase II grant to be submitted in 2014.
