Chapel Hill drug startup G1 Therapeutics continues to pile up cash for its development efforts.
The emerging company, which has a host of high-profile backers, has wrapped up a $50 million funding round by closing on an additional $3 million.
The news came in a securities filing made on Friday.
G1, which is focused on oncology, disclosed the first $47 million raised in a May filing.
G1 raised $33 million in 2015 after closing on $12.5 million in 2014.
Entrepreneur and investor Fred Eshelman, who founded Wilmington CRO PPD and Furiex Pharmaceuticals, is a backer of G1.
- Video: Watch a video of G1 Therapeutics presenting an overview of the company and its technology at the CED Life Science Conference in 2015 at: https://www.youtube.com/watch?v=CLTGyWWKMng
“I’m delighted to be involved with a growing company that originated from the University of North Carolina. G1’s strong leadership team, seasoned advisors, and pipeline of proprietary drug candidates position the company to be a key player in oncology,” Eshelman said in a statement when he joined the G1 board last year as part of his investment agreement,
Hatteras Venture Partners in Durham also backs G1.
Other investors include Franklin Templeton Investments and Rock Springs Capital.
G1 has raised some $80 million in debt and equity since its first disclosed funding in 2012.
The company has begun two clinical trials of a new therapy aimed at protecting the bone marrow and immune systems of patients undergoing chemotherapy for small-cell lung cancer.
It’s a spin-out from the University of North Carolina at Chapel Hill, was bootstrapped with $500,000 in loans from the North Carolina Biotechnology Center in 2011 and 2012.
