LEI: 549300Q7EXQQH6KF7Z84

10 January 2022

RTW Venture Fund Limited

Portfolio Company Update: CinCor Pharma IPO

CinCor Pharma Prices Upsized $193.6 Million IPO

RTW Venture Fund Limited (the "Company"), a London Stock Exchange-listed investment company focused on identifying transformative assets with high growth potential across the biopharmaceutical and medical technology sectors, is pleased to note the 6 January 2022 announcement by one of its portfolio companies, CinCor Pharma, Inc. ("CinCor") regarding its pricing of an upsized $193.6 million initial public offering ("IPO") and admission to trade on Nasdaq Global Market under ticker "CINC".

CinCor is a clinical-stage biopharmaceutical company developing next-generation treatments for cardio-renal diseases. Its lead asset CIN-107, a first-in-class aldosterone synthase inhibitor, is in clinical development for the treatment of hypertension and primary aldosteronism.

Prior to IPO, the Company, together with other funds managed by RTW Investments, LP (the "Investment Manager"), participated in CinCor's $143 million Series B financing round in October 2021.

CinCor's IPO raised $193.6 million by offering c. 12.1 million shares at $16.00 per share. On the first day of trading, CinCor's share price remained flat to close at $16.00 per share.

Roderick Wong, MD, Managing Partner and Chief Investment Officer at the Investment Manager, said:  

"We are excited about CinCor's successful IPO and look forward to supporting the company in its efforts to develop next-generation treatments for hypertension, a condition that affects a significant patient population with limited innovative treatment options."

CinCor's IPO pricing announcement can be accessed on its website at: www.cincor.com, the full text of which is contained below.  

For Further Information

RTW Investments, LP                                     +1 (646) 343 9280
Stephanie Sirota, Chief Business Officer
Alexandra Taracanova, PhD, Director of Investor Relations

Julia Enright, Senior Business Development Associate

Buchanan                                                          +44 (0)20 7466 5107
Charles Ryland

Henry Wilson

George Beale

About RTW Venture Fund Limited:

RTW Venture Fund Limited (LSE: RTW) is an investment company focused on identifying transformative assets with high growth potential across the biopharmaceutical and medical technology sectors. Driven by a long-term approach to support innovative businesses, RTW Venture Fund Limited invests in companies developing next-generation therapies and technologies that can significantly improve patients' lives.

RTW Venture Fund Limited is managed by RTW Investments, LP, a leading healthcare-focused entrepreneurial investment firm with deep scientific expertise and a strong track record of supporting companies developing life-changing therapies.

Visit the RTW website at www.rtwfunds.com for more information.

CinCor Pharma Announces Pricing of Initial Public Offering

BOSTON, Jan. 06, 2022 (GLOBE NEWSWIRE) -- CinCor Pharma, Inc. ("CinCor") (Nasdaq: CINC), a clinical-stage biopharmaceutical company focused on developing its lead clinical candidate, CIN-107, for the treatment of hypertension and other cardio-renal diseases, today announced the pricing of its initial public offering of 12,100,000 shares of common stock at a price to the public of $16.00 per share. The gross proceeds to CinCor from the offering, before deducting the underwriting discounts and commissions and offering expenses, are expected to be $193.6 million. All of the shares are being offered by CinCor. In addition, CinCor has granted the underwriters a 30-day option to purchase up to an additional 1,815,000 shares of its common stock at the initial public offering price less the underwriting discounts and commissions.

The shares are expected to begin trading on the Nasdaq Global Market under the symbol "CINC" on January 7, 2022, and the offering is expected to close on or about January 11, 2022, subject to customary closing conditions.

Morgan Stanley, Jefferies and Evercore ISI are acting as joint book-running managers for the offering. Oppenheimer & Co. is acting as lead manager for the offering.

The offering is being made only by means of a prospectus. A copy of the final prospectus, when available, may be obtained from: Morgan Stanley & Co. LLC by mail at Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, by telephone at (866) 718-1649 or by email at prospectus@morganstanley.com; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; and Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.com.

A registration statement on Form S-1 relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About CinCor

CinCor, is a clinical-stage biopharmaceutical company focused on developing its lead clinical candidate, CIN-107, a highly selective, oral small molecule inhibitor of aldosterone synthase, for the treatment of hypertension and other cardio-renal diseases.

Forward-Looking Statements

This press release contains certain forward-looking statements, including statements with regard to CinCor's securities offering. Words such as "anticipates," "believes," "expected," "intends," "projects," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions and no assurance can be given that the securities offering discussed above will be consummated on the terms described or at all. Completion of the securities offering and the terms thereof are subject to numerous factors, many of which are beyond the control of CinCor, including, without limitation, market conditions, failure of customary closing conditions and the risk factors and other matters set forth in CinCor's registration statement on Form S-1 and the prospectus included therein and the other filings CinCor makes with the Securities and Exchange Commission. Copies of the registration statement can be accessed by visiting the Securities and Exchange Commission website at www.sec.gov. CinCor undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

Contacts:

Terry Coelho
CinCor Pharma, Inc.
EVP, CFO and CBDO

Investors:
Bob Yedid
LifeSci Advisors
ir@CinCor.com