New Investment in Apogee Therapeutics
07/12/2022 13:00
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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 intended 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 (http://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 (http://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 (http://www.paragontherapeutics.com) .
###
Media Contact:
Peg Rusconi, Verge Scientific Communications
prusconi@vergescientific.com (mailto:prusconi@vergescientific.com)
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