Haddonfield NJ, August 27, 2018–Linnaeus Therapeutics, Inc. (“Linnaeus”), a privately held biopharmaceutical company focused on the development and commercialization of novel, small molecule oncology therapeutics, today announced that it has closed a $4.4 million series A financing. Kairos Ventures, of Beverly Hills, California, led the financing with significant participation from the University of Pennsylvania, Linnaeus CEO, Patrick Mooney, and Linnaeus SVP, R&D, Tina Garyantes.
The company intends to use the proceeds from the financing to advance its lead compound, LNS8801, through its nonclinical development with the goal of filing an Investigational New Drug Application (“IND”) in the summer of 2019.
As a result of the financing, Nikos Iatropoulos, a Kairos Ventures’ partner and its chief operating officer, will be joining the company’s board of directors.
“We are very excited to have Kairos as the lead investor in our Series A round. They are the premier early-stage life science and technology investor, and they will bring tremendous value as will build Linnaeus,” said Patrick Mooney, M.D., chief executive officer of Linnaeus. “With the series A proceeds we look forward to advancing LNS8801 toward an IND filing and phase 1 and 2 clinical studies that should begin in 2019.”
Kairos Ventures invests early, often during the formative stages of a company, and works closely with the world’s leading scientists to commercialize their innovations. Depending on the stage of development and the capital requirements of each venture, Kairos make investments between $150,000 and $20 Million. While Kairos Ventures is a hands-on investor, it recognizes that it is the entrepreneurs’ sweat, hard work and perseverance that will drive the growth of their companies. Kairos strives to ensure that the founding team, who make the early sacrifices in pursuit of their venture, retain the majority of the ownership in their companies. In addition to providing early-stage capital, Kairos leverages its expertise and extensive network of professionals specializing in all disciplines required to build a successful company, including legal, finance, marketing, operations, business development and HR. Kairos provides these services to early stage companies in their portfolio to allow the entrepreneurs to focus their energy on continuing to innovate and pushing the envelope in their respective fields.
Linnaeus Therapeutics, Inc. is a privately held biopharmaceutical company focused on the development and commercialization of novel, small molecule oncology therapeutics that target a novel G protein-coupled receptor, known as GPER, or GPR30. The company was launched through the UPstart incubator at the University of Pennsylvania’s Penn Center for Innovation (PCI) Ventures. Its lead molecule, LNS8801, is in the final stages of preclinical development. The company expects to begin its phase 1 clinical program in the summer of 2019. In addition to developing GPER agonists, Linnaeus is also currently focusing on developing small molecules that activate other G protein-coupled receptors to engage tumor-suppressive cellular signaling pathways.
Chief Executive Officer