Loxo Oncology, Inc., a Stamford, CT-based biopharmaceutical company focused on developing targeted cancer therapies for genetically-defined populations, closed a $24m Series B financing.
The round was led by New Enterprise Associates (NEA), with participation from existing investors Aisling Capital and OrbiMed Advisors. In conjunction with the financing, Dr. Barrett will join Loxo Oncology’s board of directors while Sara Nayeem, MD, a principal at NEA, will join the board as an observer.
The company intends to use the funds to advance its lead asset LOXO-101, currently in a Phase 1 dose escalation trial, and to expand its discovery pipeline.
Led by Josh Bilenker, MD, chief executive officer, and newly appointed Mikel Moyer, PhD, chief scientific officer, Loxo Oncology focuses on building small molecule cancer drugs for genetically defined patient subsets. Its lead asset, LOXO-101, is a selective inhibitor of the Trk family of receptor tyrosine kinases and is expected to enter clinical trials in 2014. In addition, through a license and collaboration agreement with Array Biopharma, the company has access to additional novel oncology targets.