Loxo raises $36M in follow-on

Loxo Oncology Inc. (NASDAQ:LOXO) raised $36 million through the sale of 1.7 million shares at $21.50 in a follow-on underwritten by Citigroup, Cowen and Stifel. Loxo proposed the offering after market hours Wednesday, when its shares closed at $22.44.

The company's LOXO-101 is in a Phase II basket trial that is enrolling separate cohorts for tumors that originated in seven different tissue types and harbor a tropomyosin receptor kinase (TRK) fusion. An eighth cohort will evaluate LOXO-101 in all other solid tumor types with the fusion. The small molecule inhibits neurotrophic tyrosine kinase receptor 1 ( TrkA; NTRK1), TrkB and TrkC. ...