LEI: 549300Q7EXQQH6KF7Z84

23 January 2026

RTW Biotech Opportunities Ltd

Corxel completes $287 million Series D-1 financing

·      RTW Bio's largest private investment raises up to $287 million from a syndicate of global investors

·      Proceeds to support the advancement of its lead programme across ongoing clinical trials

·      The Company converted its convertible notes as part of the financing round

RTW Biotech Opportunities Ltd (the "Company"), the London Stock Exchange-listed investment company focused on identifying transformative assets with high growth potential across the life sciences sector, is pleased to the note the announcement by private portfolio company Corxel Pharmaceuticals Limited ("Corxel") of the completion of a $287 million Series D-1 financing.

Corxel is a clinical-stage biopharmaceutical company dedicated to developing innovative therapies for patients with cardiometabolic conditions around the world. Its lead product candidate, CX11, is an oral GLP-1 receptor agonist for obese and overweight patients currently in a Phase 2 trial in the United States.

As of 31 December, Corxel represented 6.2% of the Company's NAV. It is the Company's largest private position and represents a quarter of the Company's overall private investment exposure. RTW Bio converted its convertible notes into Series D-1 shares as part of the Series D1 financing, which saw participation from a syndicate of global healthcare-focused investors, including RTW Investments, SR One Capital Management, TCG Crossover, RA Capital Management, HBM Healthcare Investments and SymBiosis. RTW Bio's pro-forma holding of Corxel is valued at $53.9 million.

Proceeds are expected to support the advancement of CX11 in its Phase 2 trial in the United States, its planned global Phase 2 trial to treat Type 2 Diabetes Mellitus, and initial preparations for Phase 3 trials as well as other cardiometabolic programs.

Rod Wong, CIO of RTW Investments, said, "We believe CORXEL's clinical progress, disciplined execution, and seasoned leadership team position the company for important near-term catalysts and sustained long-term value creation. We are excited to support their journey toward becoming a leading biotech in the field of cardiometabolic disorders."

Corxel's announcement can be found here.

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About RTW Biotech Opportunities Ltd:

RTW Biotech Opportunities Ltd (LSE: RTW) is an investment fund 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 Biotech Opportunities Ltd invests in companies developing next-generation therapies and technologies that can significantly improve patients' lives. RTW Biotech Opportunities Ltd 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 website at www.rtwbio.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.