RESEARCH TRIANGLE PARK — Clinical oncology company G1 Therapeutics Inc. is raising $180 million to advance its drug development programs by selling 3 million shares of common stock in a secondary stock offering.
G1 Therapeutics is unable to project what stage of clinical development the proceeds of this offering will allow it to advance its drug development programs to.
The RTP-based company experienced severe swings in its stock price following its prospectus filing with the Securities and Exchange Commission on Monday. It saw its share price vary in the range of $68 to $61.35 on Tuesday, or a 10.3 percent oscillation from its $64.39 opening price.
A massive influx in volume on Wednesday brought increased volatility to its share price. Before Wall Street’s trading floor had opened on Wednesday, the clinical-stage company’s share price had already fallen 9.5 percent to $56.94.
It regained traction throughout the day on Wednesday and closed at $60, 4.7 percent below Tuesday’s closing price.
Wednesday’s rising share price came with an immense turnover in shares, with its share volume reaching a historic high of 2.81 million. This volume is 101,000 greater than its previous high of 2.7 million shares traded on May 17, 2017, its first day of trading on the NASDAQ.
After its initial public offering in 2017, G1 Therapeutics experienced a net loss of $60.1 million during its 2017 fiscal year. Its share price has risen 400 percent from its initial price of $15.00.
It is working to develop drugs involved in the treatment of several forms of cancer, including ER+ breast cancer.
The filing can be found here.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
