Loxo pulls off a $68M IPO to bankroll its cancer pipeline

Connecticut's Loxo Oncology ($LOXO) nailed down about $68 million in an up-sized IPO, filling its coffers as it works up some targeted cancer therapies. The biotech sold about 5.3 million shares at $13 each, right in the middle of its expected range. Loxo has set aside another 789,230 shares to cover overallotments and agreed to a 230,769-share private placement with investor New Enterprise Associates, setting the possible maximum deal value at more than $81 million. The company's lead drug, LOXO-101, is a TRK-blocking compound currently in Phase I development, and Loxo believes it has potential in brain, lung, thyroid and breast cancers. The company also has three preclinical cancer candidates for undisclosed targets. More

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