Business briefs

Oct. 16, 2013 @ 05:57 PM

G1 Therapeutics raises $12.5 million
CHAPEL HILL – Chapel Hill-based G1 Therapeutics, a start-up company that’s developing a treatment to against side effects of chemotherapy, has raised $12.5 million to help further the development of its lead product candidate.
The company expects the new funding to carry the company’s lead candidate through the investigational new drug application filing stage and initial clinical testing.
G1 Therapeutics is developing pre-clinical small molecule inhibitors to protect bone marrow and other organs from side effects of chemotherapy treatments and radiation.
Its lead clinical candidate is a selective cyclin-dependent kinase inhibitor that has been evaluated for the potential treatment of chemotherapy-induced myelosuppression, which is defined on the website as a condition in which bone marrow activity is decreased, resulting in fewer red blood cells, white blood cells, and platelets.
Based on a meeting with the U.S. Food & Drug Administration, the company expects to file an investigational new drug application for the candidate by the summer of 2014 and to start clinical testing before the end of 2014. 
The company was founded by Dr. Norman Sharpless, associate director for translational research at UNC-Chapel Hill’s Lineberger Comprehensive Cancer Center, with Dr. Kwok-Kin Wong, scientific director at the Belfer Institute for Applied Cancer Science at the Dana-Farber Cancer Institute at the Harvard Medical School.
The Series A fundraising round announced Wednesday was led by MedImmune Ventures, a global venture capital fund within the AstraZeneca Group. Co-investors include Hatteras Venture Partners and Mountain Group Capital. 

Quintiles closes unit in India
DURHAM –Durham-based Quintiles has closed a business unit in India that managed Phase 1 clinical trials.
The decision was made because of a “challenging external business environment,” company spokesman Phil Bridges said in an emailed response to questions.
The unit was a joint venture with Apollo Hospitals Enterprise that opened in January of 2011. It closed Sept. 30.
The unit employed fewer than 20 people. Employees who chose to continue working with Quintiles were absorbed into other businesses.
Quintiles continues to operate clinical pharmacology units in London, in Overland Park, Kan., and at other partner sites in the United States, Europe and Asia, according to the email.
“The decision has not impacted the rest of our business in India or our early clinical development operations elsewhere in the world,” the email said.