RTP-based company files for IPO worth up to $115 million

G1 Therapeutics, a Research Triangle Park-based biotechnology company focused on developing cancer treatments, has filed to raise up to $115 million in an initial public offering.

The company has applied to list its common stock on the Nasdaq stock exchange under the symbol “GTHX,” according to an S-1 filing with the Securities and Exchange Commission.

While G1 has no approved cancer drugs on the market, the company said it has two promising candidates in its pipeline. It is developing an intravenous drug, called trilaciclib, to protect the bone marrow and immune systems of cancer patients receiving chemotherapy as well as an oral drug to stifle the cell division of breast cancer tumors.

Trilaciclib is currently in Phase 2 trials and G1T38 is in Phase 1 trials. The capital from the IPO will be used to fund the development of those two clinical-stage candidates as well as earlier stage drugs.

The company has not revealed how many shares it plans to offer to the public or the price range of its shares — so the $115 million the company hopes to raise could change once the IPO is closed.

G1 was founded in 2008 as G0 and renamed in 2012. Last year, the company raised $47 million in a Series C financing round, bringing its total funding to $93 million since 2012. Its investors include Hatteras Venture Partners, the Durham firm that provided G1 with $600,000 in seed money in 2012 and has participated in all three subsequent financing rounds.

The company has 31 employees, according to its filing. Trilaciclib is not expected to be on the market until 2019 at the earliest, CEO Mark Velleca told The News & Observer in 2016.

The company has accumulated a deficit of $65 million and has $47 million in cash or cash equivalents on hand as of the end of 2016. The company’s revenues have so far only come from government grants related to research.

G1 listed the financial firms J.P. Morgan, Cowen and Co., Needham & Co. and Wedbush Securities as the underwriters for the IPO.

This will be the first IPO in the Durham area in 2017. Last year there were two IPOs in the state, and both came from Durham-based companies. Dermatology company Novan raised $51.9 million in its IPO and pharmaceutical services company Patheon raised $640 million from its IPO.

Zachery Eanes: 919-419-6684, @zeanes