TIDMRTW
RNS Number : 9083I
RTW Venture Fund Limited
07 December 2022
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 int ended
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.
***********
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.
***********
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 .
###
Media Contact:
Peg Rusconi, Verge Scientific Communications
prusconi@vergescientific.com
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