G1 Therapeutics Announces Phase 3 Breast Cancer Trial Failure, Plans Layoffs and Shifts Focus to Lung Cancer ###

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1. Phase 3 Breast Cancer Trial Failure: G1 Therapeutics' Phase 3 trial evaluating trilaciclib (Cosela) in patients with metastatic triple negative breast cancer failed to meet its primary endpoint of overall survival.
2. Staff Cuts and Restructuring: The company plans to make "targeted headcount reductions" to streamline operations and focus on its lung cancer business.
3. Stock Drop: G1 Therapeutics' stock price dropped by more than 50% following the trial's failure.
4. Shift in Focus: The company will now focus on expanding its Cosela business in the U.S. and pursuing partnerships to expand its use globally, particularly in small-cell lung cancer.
5. Previous Approvals: Cosela was approved by the FDA in 2021 to reduce chemotherapy-induced myelosuppression in patients with extensive-stage small-cell lung cancer.
6. Future Plans: G1 Therapeutics anticipates achieving profitability in the second half of 2025, with expected revenue of $60 million to $70 million from Cosela sales in 2024.