Portfolio Company Update: Prometheus IPO

LEI: 549300Q7EXQQH6KF7Z84

15 March 2021

RTW Venture Fund Limited

Portfolio Company Update: Prometheus IPO

Prometheus Prices Upsized $190 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 life sciences sector, is pleased to note the 11 March 2021 announcement by one of its portfolio companies, Prometheus Biosciences, Inc. ("Prometheus") regarding its pricing of an upsized $190 million initial public offering ("IPO") and admission to trade on Nasdaq Global Market under ticker "RXDX".

Prometheus is a US-based biotechnology company pioneering a precision medicine approach for the discovery, development, and commercialization of novel therapeutic and companion diagnostic products for the diagnosis and treatment of inflammatory bowel disease (IBD).

Prior to IPO, the Company together with other funds managed by RTW Investments, LP (the "Investment Manager") participated in a $130 million financing round in Prometheus in November 2020.

Prometheus' IPO was significantly upsized, raising $190 million by offering 10 million shares at $19.00 per share. On the first day of trading, Prometheus' share price increased by 33% to close at $25.29 per share.

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

"We are delighted with Prometheus' successful IPO and look forward to supporting the company in its efforts to bring novel therapeutic and companion diagnostic products for patients with inflammatory bowel disease."

Prometheus' IPO pricing announcement can be accessed on its website at: www.prometheusbiosciences.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 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.

Prometheus Biosciences Announces Upsized Pricing of Initial Public Offering

SAN DIEGO, March 11, 2021 /PRNewswire/ -  Prometheus Biosciences, Inc. (Nasdaq: RXDX), a biotechnology company pioneering a precision medicine approach for the discovery, development, and commercialization of novel therapeutic and companion diagnostic products for the treatment of inflammatory bowel disease (IBD), today announced the pricing of its upsized initial public offering of 10,000,000 shares of common stock at a public offering price of $19.00 per share. All of the shares are being offered by Prometheus. The shares are expected to begin trading on the Nasdaq Global Select Market on March 12, 2021 under the ticker symbol "RXDX". The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Prometheus, are expected to be $190 million. The offering is expected to close on March 16, 2021, subject to satisfaction of customary closing conditions. In addition, Prometheus has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

SVB Leerink, Credit Suisse, Stifel and Guggenheim Securities are acting as joint bookrunning managers for the offering.

Registration statements relating to the offering have been filed with the Securities and Exchange Commission and became effective on March 11, 2021. The offering will be made only by means of a prospectus. When available, copies of the prospectus may be obtained from SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, or by telephone at (800) 808-7525, ext. 6105, or by email at [email protected]; or from Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560, or by telephone at (800) 221-1037, or by email at [email protected]; or from Stifel, Nicolaus & Company, Incorporated, One Montgomery Street, Suite 3700, San Francisco, California 94104, Attn: Syndicate, or by phone at (415) 364-2720 or by email at [email protected]; or from Guggenheim Securities LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017, by telephone at (212) 518-5548 or by email at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Prometheus Biosciences, Inc.

Prometheus Biosciences, Inc. is a biotechnology company pioneering a precision medicine approach for the discovery, development, and commercialization of novel therapeutic and companion diagnostic products for the treatment and diagnosis of IBD. The company's precision medicine platform, Prometheus360, combines proprietary bioinformatics discovery methods with one of the world's largest gastrointestinal bioinformatics databases to identify novel therapeutic targets and develop therapeutic candidates to engage those targets.  

Prometheus is headquartered in San Diego, CA. 

Contacts:

Investor Relations and Media Contact
Noel Kurdi
VP Investor Relations and Communications
(646) 241-4400
[email protected]

Media Contact
Juniper Point
Amy Conrad
(858) 914-1962
[email protected]