On August 27, 2018 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 $4.4 million series A financing (Press release, Linnaeus Therapeutics, AUG 27, 2018, View Source [SID1234539508]). 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.

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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."