LEI: 549300Q7EXQQH6KF7Z84

07 December 2022

RTW Venture Fund Limited

New Investment in Apogee Therapeutics

RTW Co-leads $149 Million Series B Round in Apogee Therapeutics

·      RTW Venture Fund Limited announces a new portfolio company, Apogee Therapeutics

·      The proceeds from the Series B financing round are intended to support Apogee's pipeline of potentially best-in-class therapies for immunological and inflammatory disorders

·      Apogee, a first spin-out of Paragon Therapeutics, plans to advance its lead pipeline program, APG77, into the clinic in 2023

RTW Venture Fund Limited (the "Company"), a London Stock Exchange-listed investment fund focused on identifying transformative assets with high growth potential across the life sciences sector, is pleased to note the announcement by Apogee Therapeutics, LLC ("Apogee") on 7 December 2022 of its completion of a $149M Series B financing round.

The Company, alongside other investment vehicles of RTW Investments, LP (the "Investment Manager"), confirms that it participated in the Series B financing round together with other investors.

Apogee is a privately held pre-clinical stage biotech advancing potentially best-in-class therapies for immunological and inflammatory disorders. The company is building a pipeline of product candidates targeting clinically validated biology and well-established development pathways. Through a strategic partnership with Paragon Therapeutics, Apogee has the option for exclusive development and commercial rights to a suite of antibodies which have been specifically engineered to target immunological and inflammatory disorders.  Its lead program, APG777, is expected to enter clinical trials in 2023.

Joshua Kennedy-Smith, PhD, Managing Director at the Investment Manager, will participate in meetings of Apogee's board of directors in an observer capacity. He said: 

"We are excited to co-lead Apogee's Series B financing and to support its efforts to develop potentially best-in-class immunological therapies. The addition of Apogee to RTW Venture Fund's portfolio further expands our focus on inflammatory disease with high unmet need and investing in innovative therapeutic modalities."

The Investment Manager is looking forward to growing the Company's investment pipeline and updating shareholders on further investments by the Company in due course.

The full text of the announcement is contained below.   

For Further Information

RTW Investments, LP                               +44 (0) 77 1741 7711
Woody Stileman, Managing Director

Buchanan                                                         +44 (0)20 7466 5107
Charles Ryland

Henry Wilson

George Beale

About RTW Venture Fund Limited:

RTW Venture Fund Limited (LSE: RTW & RTWG) is an investment fund focused on identifying transformative assets with high growth potential across the life sciences sector. Driven by a long-term approach to support innovative businesses, RTW Venture Fund 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.

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The information in this announcement may include forward-looking statements, which are based on the current expectations and projections about future events, and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereon) or other variations thereon or comparable terminology. These forward-looking statements, as well as those included in any related materials, are subject to risks, uncertainties and assumptions about the Company and/or its underlying investments, including, among other things, the development of the applicable entity's business, trends in its operating industry, expected use of financing proceeds and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur.

The information contained in this announcement is given at the date of its publication (unless otherwise marked). No reliance may be placed for any purpose whatsoever on the information or opinions contained in this announcement or on its completeness, accuracy or fairness.

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Apogee Therapeutics Launches with $169 Million to Develop Potentially Best-in-Class Therapies for Immunological and Inflammatory Disorders

Oversubscribed $149M Series B financing co-led by new investors Deep Track Capital and RTW Investments, LP adds to Series A investment from founding investors Fairmount and Venrock Healthcare Capital Partners earlier this year

As first spinout company from Paragon Therapeutics, Apogee is advancing a pipeline of product candidates, led by APG777, which is expected to enter the clinic in 2023

Michael Henderson, M.D., Chief Executive Officer and Board member, leads an experienced team with a proven track record of executing quickly across early and late stages of drug development

San Francisco, Calif., December 7, 2022 - Apogee Therapeutics, LLC, a biotechnology company advancing novel, potentially best-in-class therapies to address the needs of the millions of people living with immunological and inflammatory disorders, today announced the closing of a $149 million Series B financing. Proceeds from the financing will be used to support Apogee's plans to advance its lead pipeline program into the clinic in 2023 and expand the leadership, scientific, and clinical teams led by Chief Executive Officer Michael Henderson, M.D.

The Series B financing was co-led by Deep Track Capital and RTW Investments, LP. Other new investors include funds and accounts advised by Fidelity Management & Research Company, OrbiMed, Perceptive Xontogeny Ventures Fund II, RA Capital Management, and Wellington Management. Founding investors, Fairmount and Venrock Healthcare Capital Partners, also participated in the oversubscribed Series B financing.

"Apogee is advancing a pipeline of potential best-in-class therapies targeting clinically validated biological pathways with the potential to drastically impact the lives of millions living with immunological and inflammatory disorders," said Dr. Henderson. "We appreciate the confidence that our investor syndicate, including founding investors Fairmount and Venrock, has demonstrated in our team and strategy to emerge as a leader in serving this significant patient population."

Through a strategic partnership with Paragon Therapeutics, Apogee has the option for exclusive development and commercial rights to a suite of top-tier antibodies which have been specifically engineered to target some of the largest and highest unmet needs facing people with immunological and inflammatory disorders. Apogee intends to file at least one Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA) each year over the next three years, beginning in 2023, and anticipates providing additional information on its four pipeline programs next year.

"We are excited to co-lead the Series B financing as we believe Apogee's team of skilled drug developers has the opportunity to address significant gaps that remain in the treatment of people with immunological and inflammatory disorders," said Rebecca Luse, Principal at Deep Track Capital.

"By employing the latest advances in protein engineering, Paragon's discovery and optimization engine has designed and developed a number of promising programs against key immunological targets," said Hussam Shaheen, Ph.D., Senior Vice President of Biotherapeutics at Paragon Therapeutics. "Having validated our development model, we are now pleased to have the experienced Apogee team carry these programs forward into the clinic, with the hope of eventually becoming meaningful therapies."

Gibson, Dunn & Crutcher LLP acted as counsel to Apogee for the Series B financing.

About Apogee Therapeutics

Apogee Therapeutics, LLC is a biotechnology company advancing novel, potentially best-in-class therapies to address the needs of the millions of people living with immunological and inflammatory disorders. Apogee is building a pipeline of product candidates targeting clinically validated biology and well-established development pathways. Based in San Francisco, Calif., Apogee was founded in 2022 by Fairmount and Venrock Healthcare Capital Partners and is backed by leading healthcare investors. To learn more visit www.apogeetherapeutics.com.

About Paragon Therapeutics

Paragon Therapeutics, Inc. is a biotechnology company leveraging cutting-edge science and technology to identify and propel best-in-class biologics into the clinic for a range of human diseases with high unmet needs. The company rapidly advances therapies through a range of opportunities, from new company creation and strategic partnerships to shaping programs in-house. Founded by Fairmount in 2021 as a joint venture with FairJourney Biologics, Paragon Therapeutics is based in Waltham, Mass. For more information, please visit www.paragontherapeutics.com.

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Media Contact:

Peg Rusconi, Verge Scientific Communications

prusconi@vergescientific.com