Eighteen bioscience companies previously funded by NCBiotech loans raised more than $128 million in follow-on funding from other sources during the fourth quarter of 2016-17.
Leading the way was G1 Therapeutics, a clinical-stage oncology company based in the Research Triangle Park. The company raised $108.6 million in an initial public offering of stock.
Other financing deals in the seven figures included:
- Benson Hill Biosystems, with operations in Durham, raised $6.5 million in venture capital.
- bioMASON of RTP raised $3.4 million in venture capital.
- Locus Biosciences of RTP raised $2.5 million in venture capital.
- Advanced Animal Diagnostics of Morrisville secured $2.45 million in debt financing.
Historically, for every $1 loaned to them by NCBiotech, companies have raised $103 in follow-on funding from other sources including venture capital, angel investments, grants, stock offerings and debt financings.
Since its founding in 1984, NCBiotech has awarded 293 loans to 201 companies statewide. Those companies amassed more than $3.9 billion in subsequent funding.
(C) N.C. Biotechnology Center