Shares of biotech G1 Therapeutics GTHX started trading on the Nasdaq Wednesday after a stronger-than-expected initial public offering. The company picked a tough day to begin trading.
G1 Therapeutics Announces Pricing Of Initial Public Offering - TheStreet
The Dow Jones Industrial Average fell nearly 1. Shares of G1 Therapeutics managed to be one of the few stocks to finish in the green. The benchmark indexes all fell sharply as political tensions in Washington took their toll.
GTHX News - G1 Therapeutics Inc. Company News & Press Releases - MarketWatch
But the company did boost the number of shares it priced to 7 million from its original plan of 6. The remaining money will be used for working capital and general corporate purposes. As mentioned, the biotech considers trilaciclib its strongest contended to be first to market.
Like most young biotechs, G1 Therapeutics has no revenue stream as it tries to bring its drugs to market. Looking to potential revenue, G1 said that of the 1 million people receiving chemotherapy, , could benefit from trilaciclib.
G1 Therapeutics was founded to develop oncology in by Ned Sharpless and Kwok-Kin Wong. The company is based in North Carolina.
g1 therapeutics debuts on the stock market raising $ million | The Herald Sun
Sharpless is the director of the UNC Lineberger Comprehensive Cancer Center at UNC and Wong is the chief of hematology and medical oncology at the Perlmutter Cancer Center at the NYU Langone Medical Center. You are commenting using your WordPress.
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The intraday chart of G1 Therapeutics GTHX. Kim Khan is Heavy's investing editor.
He was previously executive editor at TheStreet and held senior editorial positions at CNBC. He can be reached on Twitter at the handle DriftContinent.