Portfolio Company Update
13/02/2023 16:51
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RNS Number : 7734P RTW Venture Fund Limited 13 February 2023
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 (http://www.mineralystx.com) , the full text of which is
contained below.
For Further Information
RTW Investments, LP +44 (0)20 7959 6361
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 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
(https://protect.mimecast-offshore.com/s/eY8OCgLEp4SlY4JEFN_vEF) 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 dg.prospectus_requests@bofa.com; 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
ecm.prospectus@evercore.com; 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
syndprospectus@stifel.com (mailto:syndprospectus@stifel.com) .
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:
investorrelations@mineralystx.com
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