Loxo raises $68.4 million in IPO
Loxo Oncology Inc. (NASDAQ:LOXO) raised $68.4 million through the sale of 5.3 million shares at $13 in a bumped-up IPO. The price values the company at $207.2 million. Last month, the company amended the offering to sell 4.4 million shares at $12-$14. At $13, the company would have raised $57 million and been valued at $195.8 million. Existing investor New Enterprise Associates purchased 230,769 shares for about $3 million in a concurrent private placement. Loxo's LOXO-101 is in Phase I testing to treat advanced solid tumors. Data are expected early next year. Loxo has exclusive, worldwide rights to the neurotrophic tyrosine kinase receptor 1 ( NTRK1; TrkA) inhibitor from Array BioPharma Inc. (NASDAQ:ARRY). Cowen; Stifel; Oppenheimer; and JMP Securities are underwriters. ...