Loxo Oncology Scores $33 Million in Series A to Fund Development of Small Molecule Oncology Drugs
10/3/2013 6:50:55 AM
New York (October 3, 2013) Loxo Oncology, Inc., a biopharmaceutical company focused on targeted cancer therapies for genetically-defined populations, announced today that it has completed a $33 million Series A financing round. The round included founding investor Aisling Capital and new investors OrbiMed Advisors LLC and an undisclosed investor.
“This funding allows us to advance our pipeline on multiple fronts,” said Josh Bilenker, M.D., chief executive officer of Loxo Oncology. “Specifically, we expect to advance our lead product candidate through clinical proof of concept and a second program into the clinic.”
In conjunction with the financing, Loxo Oncology announced the formation of its Board of Directors, which includes Steven Elms and Dov Goldstein, M.D., managing partner and partner at Aisling Capital, respectively; David Bonita, M.D., private equity partner at OrbiMed Advisors; and Keith Flaherty, M.D., director of the Henri and Belinda Termeer Center for Targeted Therapies at Massachusetts General Hospital.
Additionally, Loxo Oncology appointed four new members to its Scientific Advisory Board. These nationally-recognized physician/scientists are providing critical advice and expertise to the company around rational target selection, product profile definition and clinical development strategy. Loxo Oncology was founded to translate these insights into drugs through the world-class research and discovery capabilities of Array BioPharma Inc., with which it entered into a multi-year license and collaboration agreement in July 2013.
In addition to Dr. Flaherty, who is chair of the Scientific Advisory Board, the new members include:
- Jeffrey A. Engelman, M.D., Ph.D., director, Center for Thoracic Cancers, Massachusetts General Hospital Cancer Center; associate professor of Medicine, Harvard Medical School
- Ross L. Levine, M.D., associate member, Human Oncology and Pathogenesis Program, and associate attending physician, Leukemia Service, Department of Medicine, Memorial Sloan-Kettering Cancer Center; associate professor of Medicine, Weill Cornell Medical College
- Ben Ho Park, M.D., Ph.D., associate professor of Oncology, Breast Cancer Research Program, and Joint Appointment, Whiting School of Engineering, Department of Chemical and Biomolecular Engineering, Johns Hopkins University; attending physician, Johns Hopkins Hospital, The Sidney Kimmel Comprehensive Cancer Center at Johns Hopkins
- David Solit, M.D., Ph.D., director, Developmental Therapeutics, and associate professor of Medicine, Cell and Developmental Biology, Memorial Sloan-Kettering Cancer Center
About Loxo Oncology
Loxo Oncology was incorporated in Delaware in May 2013 and was founded by Josh Bilenker, M.D., a partner at Aisling Capital. Loxo Oncology is committed to bringing targeted cancer therapies rapidly into the clinic that have an opportunity for outsized clinical effects 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.
About Aisling Capital
Aisling Capital is a life sciences-dedicated venture capital firm with over $1.6 billion under management. The firm invests in companies developing pharmaceutical and medical products, as well as in businesses that provide drug development, manufacturing and other important services to the healthcare industry. Headquartered in New York, Aisling invests in both private and public companies utilizing a wide variety of investment structures. The Aisling Capital team's combination of clinical, operational, transactional and capital markets experience allows the firm to identify, execute and realize investments across the life sciences industry. For more information, visit www.aislingcapital.com.
About OrbiMed Advisors
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector with approximately $7 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies on a worldwide basis, from venture capital start-ups to large multinational companies. OrbiMed's team includes over 60 experienced professionals with offices in New York, San Francisco, Shanghai, Mumbai and Herzliya. OrbiMed manages a series of private equity funds, public equity funds, royalty and debt funds, and other investment vehicles.
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