Date: 2017-06-20
Type of information: Private placement
Company: Loxo Oncology (USA - CA)
Investors:
Amount: $260.8 million
Funding type: private placement
Planned used:
- Loxo Oncology intends to use the net proceeds from this offering for early commercialization activities for larotrectinib, new and ongoing research and development activities, including those related to LOXO-195 and LOXO-292, and general corporate purposes, which may include increased working capital, acquisitions or investments in businesses, products or technologies, and capital expenditures.
- The company has presented interim clinical data rom three ongoing larotrectinib trials at the American Society of Clinical Oncology ( ASCO ) Annual Meeting. The data demonstrated a 76 percent confirmed objective response rate (ORR) in 50 patients for whom follow-up was sufficiently long to include a confirmatory scan. Responses were observed across 17 unique tumor types harboring TRK fusions. In May 2017, the FDA granted orphan drug designation to larotrectinib for the treatment of solid tumors with NTRK-fusion proteins. Loxo intends to submit a New Drug Application (NDA) for larotrectinib to the FDA in late 2017 or early 2018.
- A Phase 1 trial is currently open for enrollment with the next-generation TRK inhibitor, LOXO-195.
- In May, the first patient was enrolled in the Phase 1 clinical trial of LOXO-292, a highly selective RET inhibitor. This trial is evaluating LOXO-292 as a single agent in patients with advanced solid tumors.
- The company has also recently announced the acquisition of the Redx Pharma Plc BTK inhibitor program, including lead candidate LOXO-305. The compound is expected to enter clinical development in 2018.
Others:
- • On June 20, 2017, Loxo Oncology announced the closing of its previously announced underwritten public offering of 3,622,500 shares of common stock at a public offering price of $72.00 per share, which included the exercise in full by the underwriters of their option to purchase 472,500 additional shares of common stock. Gross proceeds to Loxo Oncology from this offering were approximately $260.8 million.
- • On June 14, 2017, Loxo Oncology announced the pricing of its underwritten public offering of 3,150,000 shares of common stock at a public offering price of $72.00 per share. Gross proceeds to Loxo Oncology from this offering are expected to be approximately $226.8 million. Loxo Oncology also has granted the underwriters a 30-day option to purchase up to an additional 472,500 shares of its common stock offered in the public offering at the public offering price less the underwriting discounts and commissions. The offering is expected to close on June 20 , subject to customary closing conditions.
- • On June 13, 2017, Loxo Oncology announced that it intends to offer shares of its common stock in an underwritten public offering. Loxo Oncology also expects to grant the underwriters a 30-day option to purchase additional shares of its common stock offered in the public offering at the public offering price less the underwriting discounts and commissions. All of the shares will be offered and sold by Loxo Oncology .
Morgan Stanley , Cowen and Citigroup are acting as joint book-running managers for the offering. The offering is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Therapeutic area: Cancer - Oncology
Is general: Yes
