Portfolio Company Update

LEI: 549300Q7EXQQH6KF7Z84

13 February 2023

RTW Venture Fund Limited

Portfolio Company Update: Mineralys Therapeutics IPO

Mineralys Therapeutics Prices Upsized $192 Million IPO

RTW Venture Fund Limited (the "Company"), a London Stock Exchange premium listed investment company focused on identifying transformative assets with high growth potential across the biopharmaceutical and medical technology sectors, is pleased to note the 9 February 2023 announcement by one of its portfolio companies, Mineralys Therapeutics, Inc. ("Mineralys") regarding its pricing of an upsized $192.0 million initial public offering ("IPO") and admission to trade on Nasdaq Global Market under ticker "MLYS".

Mineralys is a clinical-stage biopharmaceutical company focused on developing medicines to target diseases driven by abnormally elevated aldosterone. Its lead product candidate, lorundrostat, is an orally administered, selective aldosterone synthase inhibitor for the treatment of patients with uncontrolled hypertension, which is expected to begin Phase 3 clinical trial in H1 2023.

Prior to IPO, the Company, together with other funds managed by RTW Investments, LP (the "Investment Manager"), participated in Mineralys' $118 million Series B financing round in June 2022.

Mineralys' IPO raised $192.0 million by offering c. 12 million shares at $16.00 per share. On the first day of trading, Mineralys' share price rose by 15.25%, to close at $18.44 per share. At 31 January 2022, Mineralys represented c. 0.3% of the Company's NAV.

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

"Mineralys' IPO marks the fourth such event from the Company's core portfolio since the beginning of 2022, proving the team's ability, even in a challenging environment, to pick companies with significant growth potential and the capacity to cross over into the public markets. Given that we see an IPO as just another stage in a company's development, we look forward to continuing our support for Mineralys in its efforts to develop new treatments for uncontrolled hypertension."

Mineralys' IPO pricing announcement can be accessed on its website at: www.mineralystx.com, the full text of which is contained below.

For Further Information

About RTW Venture Fund Limited:

RTW Venture Fund Limited (LSE: RTW & RTWG) 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 Limited 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.

Mineralys Therapeutics Announces Pricing of Upsized Initial Public Offering

RADNOR, Pa., Feb. 09, 2023 (GLOBE NEWSWIRE) -- Mineralys Therapeutics, Inc. (Nasdaq: MLYS), a clinical-stage biopharmaceutical company focused on developing medicines to target diseases driven by abnormally elevated aldosterone, today announced the pricing of its upsized initial public offering of 12,000,000 shares of common stock at an initial public offering price of $16.00 per share. All of the shares are being offered by Mineralys. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be $192.0 million. Shares of Mineralys common stock are expected to begin trading on the Nasdaq Global Select Market on February 10, 2023 under the ticker symbol "MLYS." The offering is expected to close on February 14, 2023, subject to the satisfaction of customary closing conditions. In addition, Mineralys has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

BofA Securities, Evercore ISI, Stifel, Guggenheim Securities, Credit Suisse and Wells Fargo Securities are acting as joint book-running managers for the offering.

Registration statements relating to the offering have been filed with the Securities and Exchange Commission and became effective on February 9, 2023. The offering is being made only by means of a prospectus. When available, copies of the final prospectus may be obtained from BofA Securities, Inc. Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255, via telephone at (800) 294-1322 or via email at [email protected]; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, New York 10055, by telephone at (888) 474-0200, or by email at [email protected]; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, via telephone at (415) 364-2720 or via 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 Mineralys

Mineralys is a clinical-stage biopharmaceutical company focused on developing medicines to target diseases driven by abnormally elevated aldosterone. Its initial product candidate, lorundrostat, is a proprietary, orally administered, highly selective aldosterone synthase inhibitor that Mineralys is initially developing for the treatment of patients with uncontrolled hypertension.

Contact:

[email protected]