A Chapel Hill startup that aims to commercialize technology developed at the University of North Carolina at Chapel Hill has raised $600,000 in funding to accelerate its drug-development efforts.
G1 Therapeutics raised the money from Hatteras Discovery, the seed-funding unit of Durham venture capital firm Hatteras Venture Partners. G1 previously raised more than $4 million in federal and state grant money, including grants from the federal Small Business Investment Research program and the N.C. Biotechnology Center.
As part of the new funding, Christy Shaffer, managing director of Hatteras Discovery and the former CEO of Inspire Pharmaceuticals, has joined G1 as executive chair. Shaffer said in an interview that she will devote 1 1/2 days a week to G1, functioning in effect as as an interim CEO. She will focus on business strategy and facilitating advancement of the company's first drug into clinical trials, a move that requires Food and Drug Administration approval.
Shaffer said G1 will eventually recruit a full-time CEO, with the timetable pegged to the company's development.