On September 17, 2019 Linnaeus Therapeutics, Inc. ("Linnaeus"), a privately held biopharmaceutical company focused on the development and commercialization of novel, small molecule oncology therapeutics, reported that it has closed a $12 million series B financing (Press release, Linnaeus Therapeutics, SEP 17, 2019, View Source [SID1234539579]). Kairos Ventures, of Beverly Hills, California, led the financing with participation by the Penn Medicine Co-Investment Fund at the University of Pennsylvania.

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The company intends to use the proceeds from the financing to conduct its phase 1/2 clinical trial of its lead compound, LNS8801, in patients with advanced cancer.

"We are thrilled with the progress Linnaeus has made in the twelve months since the closing of our Series A round," said Patrick Mooney, M.D., chief executive officer of Linnaeus. "With the Series B investment closed we now look forward to advancing LNS8801 into our phase 1/2 clinical studies that should commence in the coming weeks."