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NEW YORK – Precision oncology-focused biotech Nuvalent launched on Wednesday after raising $50 million in a Series A financing, which it plans to put toward advancing two drugs targeting ROS1-positive and ALK-positive non-small cell lung cancer.

The funding round was led by investment firm Deerfield Management. Cambridge, Massachusetts-based Nuvalent was founded in 2017, with the goal of developing targeted cancer drugs to which patients will have enduring responses but minimal adverse events.

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