Loxo Oncology, a biopharmaceutical company focused on developing targeted cancer therapies for genetically-defined populations, has closed a $24 million Series B financing round led by New Enterprise Associates. Existing investors Aisling Capital and OrbiMed Advisors also participated in the round. In conjunction with the financing, NEA's James Barrett will join Loxo Oncology’s Board of Directors. Sara Nayeem, a principal at NEA, will also join the Board as an observer.
Loxo, launched in 2013, previously raised $33 million of Series A funding (led by Aisling Capital) at a $63 million valuation last October. With the new funds, the company plans to advance its lead asset, LOXO-101, currently in a Phase 1 dose escalation trial, as well as expand its discovery pipeline.