REG - RTW Venture Fund Ltd - New Investment in Third Harmonic Bio
16/02/2022 14:00
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RNS Number : 8988B RTW Venture Fund Limited 16 February 2022
LEI: 549300Q7EXQQH6KF7Z84
16 February 2022
RTW Venture Fund Limited
New Investment in Third Harmonic Bio
RTW Supports the Launch of Third Harmonic Bio
· RTW Venture Fund Limited announces a new portfolio company, Third
Harmonic Bio
· RTW supports the launch of Third Harmonic Bio to advance next
wave of medicine for allergy and inflammation
· The proceeds from the financings are intended to fund operations
beyond completion of a proof-of-concept study in chronic urticaria
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 Third Harmonic Bio, Inc. ("Third Harmonic Bio") on 16 February 2022 of its
launch following successful completion of a US$50 million Series A and a
US$105 million 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.
Third Harmonic Bio is a privately held clinical-stage biotechnology company
developing a first-in-class, selective, oral KIT inhibitor for the treatment
of severe allergy and inflammation. The proceeds from the financing rounds are
expected to fund development of the company's lead candidate, THB001, through
the next phase of human studies for the initial indication of chronic
urticaria, a dermatologic disease driven by mast cell activation that results
in red, itchy, painful welts or hives that develop in response to a specific
stimulus (inducible urticaria) or with no known cause (spontaneous or
idiopathic urticaria). Beyond chronic urticaria, Third Harmonic Bio plans to
pursue development of THB001 in additional diseases of the skin, airway, and
gastrointestinal tract in which mast cells play a known role in the
pathophysiology of the condition.
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.
Third Harmonic Bio's announcement can be accessed on its website at:
www.thirdharmonicbio.com (http://www.thirdharmonicbio.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 & 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
(https://protect.mimecast-offshore.com/s/eY8OCgLEp4SlY4JEFN_vEF) for more
information.
***********
The information in this announcement may include forward-looking statements,
which are based on the current expectations and projections about future
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"may", "will", "should", "expect", "anticipate", "project", "estimate",
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risks, uncertainties and assumptions about the Company and/or its underlying
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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
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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.
***********
Third Harmonic Bio Launches to Advance the Next Wave of Medicine for Allergy
and Inflammation
- Lead Program, THB001, a First-In-Class, Highly Selective, Oral KIT Inhibitor
in Development for Multiple Allergic and Inflammatory Conditions, Is Currently
in Phase 1 Clinical Development
- $155 Million Raised to Date Expected to Fund Operations Beyond Completion of
a Proof-of-Concept Study in Chronic Urticaria
- Experienced Management Team Is Led by Natalie Holles, CEO, Stephen Yoo,
M.D., CMO, and Howard Davis, Ph.D., COO
CAMBRIDGE, Mass., February 16, 2022 - Third Harmonic Bio, a clinical-stage
company developing a first-in-class, highly selective, oral KIT inhibitor for
treatment of severe allergy and inflammation, launched today with the close of
a Series B financing that brings the total capital raised to date to $155
million. This is expected to fund development of the company's lead candidate,
THB001, through the next phase of human studies for the initial indication of
chronic urticaria. Atlas Venture founded and seeded Third Harmonic Bio in 2019
and co-led the $50 million Series A with OrbiMed with participation from BVF
Partners. Atlas and OrbiMed also participated in the $105 million Series B,
which was led by new investor General Atlantic and co-led by existing investor
BVF Partners. Additional new investors in the round included Boxer Capital, RA
Capital, RTW, Deep Track Capital, Ajax Health/Zeus, and Commodore Capital.
THB001 is a first-in-class, oral small-molecule inhibitor of KIT, a cell
surface receptor that serves as the master regulator of mast cell function and
survival. Mast cells localize at the body's interfaces with the external
environment, and when activated by a range of stimuli, trigger the
inflammatory responses that are associated with the symptoms of dermal,
airway, and gastrointestinal allergic diseases. Given its function, inhibiting
KIT has the potential to blunt mast cell-driven inflammation regardless of the
activating signal source, providing the potential for broad therapeutic
utility.
In extensive preclinical studies, THB001 has demonstrated promising drug-like
properties, excellent kinome selectivity, and potent mast cell depletion
activity in all relevant tissue types. In early clinical studies, THB001
demonstrated robust pharmacodynamic effects, as measured by serum tryptase, an
established marker of mast cell activity and survival. The company anticipates
initiating a Phase 1b proof-of-concept study in cold-inducible urticaria in
the second half of 2022.
"Achieving the selectivity required to target KIT with an oral small-molecule
therapy for allergy and inflammation has until now been an intractable drug
development challenge," said Natalie Holles, Chief Executive Officer of Third
Harmonic Bio. "As a first-in-class, highly selective KIT inhibitor, we believe
THB001 has the potential to revolutionize the treatment of a broad range of
mast cell-mediated allergic and inflammatory diseases of the skin, airway, and
GI tract."
"Allergic and inflammatory diseases represent a significant unmet medical
need, and although available therapies have been commercially successful, only
a fraction of the diagnosed patient population is adequately treated," said
Rob Perez, Operating Partner at General Atlantic. "THB001, with its unique
attributes and oral formulation, represents a true pipeline-in-a-product
opportunity with the potential to offer an important new therapeutic option to
millions of underserved patients."
"We are excited to continue to support Third Harmonic Bio's fantastic team in
bringing a powerful new potential medicine to patients affected by diverse
mast cell-driven diseases," said Michael Gladstone, Partner at Atlas Venture
and Third Harmonic Bio founder. "We are delighted to partner with Third
Harmonic Bio's new investors as the company advances and expands the THB001
clinical development program."
THB001 is initially being developed for the treatment of chronic urticaria,
a dermatologic disease driven by mast cell activation that results in red,
itchy, painful welts or hives that develop in response to a specific stimulus
(inducible urticaria) or with no known cause (spontaneous or idiopathic
urticaria). Up to one percent of the U.S. population is believed to be
affected by chronic urticaria at some point in their lives. Standard
first-line treatment with oral antihistamines is only effective in
approximately half of urticaria patients. Beyond antihistamines, injectable
biologic therapy is the only approved second-line treatment option and
provides complete relief to less than half of all patients. It is estimated
that up to 90% of urticaria patients who have failed antihistamine therapy
either fail or forgo biologic therapy, leaving tremendous unmet need in a
disease with meaningful impacts on mental well-being and quality of life.
Beyond chronic urticaria, the company plans to pursue development of THB001 in
additional diseases of the skin, airway, and gastrointestinal tract in which
mast cells play a known role in the pathophysiology of the condition.
Leadership Team
Third Harmonic Bio is led by an outstanding executive team with diverse
backgrounds in the critical functions required for successful drug development
and company building, as well as a demonstrated track record of successful
value creation.
Third Harmonic Bio is led by Natalie Holles, Chief Executive Officer; Stephen
Yoo, M.D., Chief Medical Officer; and Howard Davis, Ph.D., Chief Operating
Officer.
The company's Board of Directors comprises David Bonita, M.D., General
Partner, OrbiMed; Michael Gladstone, Partner, Atlas Venture; Natalie Holles,
Chief Executive Officer; Mark Iwicki (Chairman), Chief Executive Officer, Kala
Therapeutics; Shao-Lee Lin, M.D., Ph.D., Chief Executive Officer, Acelyrin,
Inc.; Rob Perez, Operating Partner, General Atlantic; Jason Rhodes, Partner,
Atlas Venture; and Martin Seidel, Ph.D., Chief Executive Officer, IFM
Therapeutics.
About Third Harmonic
Third Harmonic Bio is a clinical-stage company developing a first-in-class,
highly selective, oral KIT inhibitor for treatment of severe allergy and
inflammation. KIT is a cell surface receptor that acts as the master survival
and functional regulator of mast cells, which are immune cells concentrated at
the body's interfaces with the external environment and that act as the key
mediator of the inflammation associated with allergic diseases. Our lead
product candidate, THB001, is the first highly selective, oral small-molecule
KIT inhibitor to enter clinical development. With promising drug-like
properties and an encouraging early clinical profile, THB001 has the potential
to revolutionize the treatment of a broad range of dermatologic, respiratory,
and gastrointestinal allergic and mast-cell mediated inflammatory diseases.
Visit ThirdHarmonicBio.com or follow us on Twitter or LinkedIn to learn more
about our work, our team, and our culture.
Contact:
Michele Rozen
mrozen@scientpr.com
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