US-based G1 Therapeutics, a clinical-stage pharmaceutical company focusing on oncology, closed a series B round backed by biotechnology research company MedImmune’s corporate venturing unit at $33m yesterday.
The round was led by Eshelman Ventures and RA Capital Management, and also included Lumira Capital, Boxer Capital, which acts as a public investment fund of Tavistock Life Sciences, Hatteras Venture Partners and Mountain Group Capital.
MedImmune Ventures previously led G1’s series A round in 2013, which raised $12.5m and also featured Hatteras Venture Partners and Mountain Group Capital.
G1 will use the funding to support development of its lead programme, G1T28, which protects bone marrow from damage caused by chemotherapy. It is currently undergoing Phase 1a clinical trials.
The company was spun out of University of North Carolina’s Lineberger Comprehensive Cancer Center in 2012.