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NEA joins Aisling, OrbiMed to back cancer treatment business Loxo with $24m

8 May 2014

life science test tube_sqVenture capital major New Enterprise Associates has led a $24m Series B financing round for cancer-focused biopharmaceutical business Loxo Oncology.

Previous backers Aisling Capital and OrbiMed Advisors also took part in the round, while NEA general partner James Barrett will join the company’s board.

He said, “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.

“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.”

Loxo chief executive Josh Bilenker added, “The Loxo Oncology team is rapidly progressing towards our goal of bringing targeted therapies to patients with genetically defined cancers.

“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.”

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