Cancer play Loxo raises $24 million in series B

Loxo Oncology Inc. (Stamford, Ct.) raised $24 million in a series B round led by new investor New Enterprise Associates. Existing investors Aisling Capital and OrbiMed Advisors also participated. Loxo debuted last year with $30 million to focus on the development of therapies around genetically defined cancers. Last week, the company started Phase I testing of its lead candidate, LOXO-101, to treat advanced solid tumors. Loxo has exclusive, worldwide rights to the neurotrophic tyrosine kinase receptor 1 ( NTRK1; TrkA) inhibitor from Array BioPharma Inc. (NASDAQ:ARRY) (see BioCentury Extra, July 10, 2013). ...