G1 Therapeutics, a North Carolina biotech company, is changing CEOs on the eve of an expected first FDA approval and hoping to shatter the industry truism about small companies struggling to sell products.

Mark Velleca, who has led G1 since 2014, will step down Jan. 1 and be replaced by Jack Bailey, a 30-year pharmaceutical veteran who currently sits on the company’s board. That transition will come about a month before the FDA is slated to rule on G1’s trilaciclib, an intravenous treatment designed to preventively reduce the side effects of chemotherapy.

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