Athira Pharma Prices $204.0 Million IPO

LEI: 549300Q7EXQQH6KF7Z84

21 September 2020

RTW Venture Fund Limited

Portfolio Company Update: Athira Pharma IPO

Athira Pharma Prices $204.0 Million IPO

RTW Venture Fund Limited (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 note the announcement by its portfolio company Athira Pharma, Inc. ("Athira") on 17 September 2020 of its pricing of a $204.0 million initial public offering (IPO) and admission to trade on Nasdaq Global Market under ticker "ATHA".

Athira is a clinical-stage biopharmaceutical company developing innovative first-in-class regenerative therapies with the potential to restore brain function. Athira is currently advancing its lead therapeutic candidate, ATH-1017, a novel small molecule targeting HGF/MET receptor, in late stage clinical trials for Alzheimer's Disease.

The Company and funds managed by RTW Investments, LP (the "Investment Manager") participated in an $85 million Series B round in May 2020.

Athira's IPO was significantly upsized and oversubscribed, raising $204.0 million, offering 12 million shares at $17.00 per share.

The valuation of Athira at IPO represented a 2.3x multiple of the investment made by the Company in May 2020.

Stephanie Sirota, Chief Business Officer of the Investment Manager and Director of the Company said:

"We are delighted with Athira's successful IPO and look forward to supporting the company and its clinical progress developing a pioneering therapy to treat Alzheimer's Disease.

As a full life cycle investor, we will maintain exposure to promising portfolio companies such as Athira post-IPO."

The announcement on IPO pricing can be accessed on Athira's website at: www.athira.com and full text of the announcement from Athira is contained below.

For Further Information

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

Julia Enright, Business Development Associate

Buchanan +44 (0)20 7466 5107Charles Ryland

Henry Wilson

About RTW Venture Fund Limited:

RTW Venture Fund Limited (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 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 US healthcare 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.

Athira Pharma Announces Pricing of Initial Public Offering

SEATTLE, September 17, 2020 - Athira Pharma, Inc., (Nasdaq: ATHA) ("Athira"), a late clinical-stage biopharmaceutical company focused on developing small molecules to restore neuronal health and stop neurodegeneration, today announced the pricing of its initial public offering of 12,000,000 shares of its common stock at a price to the public of $17.00 per share. All of the shares of common stock are being offered by Athira. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Athira, are expected to be $204.0 million. Athira's common stock is expected to begin trading on the Nasdaq Global Select Market under the ticker symbol "ATHA" on September 18, 2020. The offering is expected to close on September 22, 2020, subject to satisfaction of customary closing conditions. In addition, Athira has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of Athira's common stock at the initial public offering price less the underwriting discounts and commissions.

Goldman Sachs & Co. LLC, Jefferies and Stifel are acting as joint book-running managers for the offering. JMP Securities is acting as co-manager.

Registration statements relating to the offering have been filed with the Securities and Exchange Commission (the "SEC") and became effective on September 17, 2020. The offering is being made only by means of a prospectus. A copy of the final prospectus, when available, may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at [email protected]; 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 [email protected]; or Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720, or by email at [email protected].

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 the registration or qualification under the securities laws of any such state or jurisdiction.