Loxo Oncology has received $24 million in Series B financing. New Enterprise Associates led the round with participation from previous backers Aisling Capital and OrbiMed Advisors. In addition to the funding, Dr. M. James Barrett, a general partner at NEA, will join Loxo Oncology’s board of directors while Dr. Sara Nayeem, a principal at NEA, will also join the board as an observer. And, the firm has named Dr. Mikel Moyer as chief scientific officer. Loxo Oncology is a a biopharmaceutical company focused on targeted cancer therapies.
STAMFORD, Conn., May 06, 2014 (BUSINESS WIRE) — Loxo Oncology, Inc., a biopharmaceutical company focused on developing targeted cancer therapies for genetically-defined populations, announced today that it has closed a $24 million Series B private financing round led by New Enterprise Associates (NEA). Existing investors Aisling Capital and OrbiMed Advisors LLC also participated in the round. The company also announced the appointment of Mikel Moyer, PhD, as chief scientific officer.
“The Loxo Oncology team is rapidly progressing towards our goal of bringing targeted therapies to patients with genetically defined cancers,” said Josh Bilenker, MD, chief executive officer. “With the proceeds from this financing, we are now in an even stronger position to advance our lead asset LOXO-101, currently in a Phase 1 dose escalation trial, and to expand our exciting discovery pipeline.”
“In just ten months since it began operations, Loxo Oncology has successfully initiated a clinical trial for the lead TRK program, made substantial progress on its discovery pipeline and assembled an outstanding management team and scientific advisory board,” said Dr. M. James Barrett, General Partner, NEA. “We believe Loxo Oncology has a tremendous opportunity to contribute important targeted therapies to the field of oncology, and we are pleased to support the company’s continued growth with this financing.”
In conjunction with the financing, Dr. Barrett will join Loxo Oncology’s board of directors. Sara Nayeem, MD, a principal at NEA, will also join the board as an observer.
Dr. Moyer was most recently the vice president of molecular discovery at Epizyme, where he led the discovery and optimization of histone methyltransferase inhibitor drug candidates, two of which are currently in clinical development (EPZ-5676 and EPZ-6438). Dr. Moyer’s career in discovery and pre-clinical development has also included leadership roles at The Broad Institute of MIT and Harvard and at Pfizer.
About Loxo Oncology
Loxo Oncology was incorporated in Delaware in May 2013 and was founded by Josh Bilenker, MD. Loxo Oncology is committed to rapidly bringing to the clinic targeted cancer therapies that have an opportunity for clinical success in genetically defined patient populations. Loxo Oncology derives its company name from an attendant of the Greek goddess Artemis, who represented the concept of trajectory in the sport of archery. For more information, visit www.loxooncology.com .