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6 Jan 2021 15:30
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06 January 2021
RTW Venture Fund Limited
New Investment in Biomea Fusion
RTW Participates in $56 Million Financing Round in Biomea Fusion
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 Biomea Fusion, Inc. ("Biomea") on 06 January 2021 of its completion of a $56 million Series A financing round.
The Company, alongside other investment vehicles of RTW Investments, LP (the "Investment Manager"), confirms that it participated in the financing round together with other investment firms.
Biomea is a US-based privately held precision oncology company dedicated to developing innovative medicines targeting specific cancer driving mutations. Biomea plans to use the proceeds from the financing round to advance the development of its portfolio of irreversible inhibitors, including a potentially first-in-class irreversible inhibitor of menin, a key newly recognized onco-target found in several forms of liquid and solid tumors.
The Company's investment in Biomea is its twelfth portfolio company addition in 2020. The Investment Manager is looking forward to growing the Company's investment pipeline and updating shareholders on further opportunities in due course.
Roderick Wong, MD, Managing Partner and Chief Investment Officer of the Investment Manager, said:
"We are delighted to support Biomea's pioneering approach to develop a first-in-class irreversible menin inhibitor, as well as continue to expand its precision oncology pipeline to create targeted treatments for patients suffering from cancer. The addition of Biomea further complements our focus on targeted oncology and commitment to invest in innovative therapeutic modalities."
Biomea's announcement can be accessed on its website at: www.biomeafusion.com, the full text of which 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
George Beale
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 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.
Biomea Fusion Raises $56 Million to Bring First Irreversible Menin Inhibitor into the Clinic and Advance Two Additional Irreversible Preclinical Programs
Redwood City, CA, Jan 06, 2021 (BUSINESS WIRE) - Biomea Fusion, Inc., a precision oncology company dedicated to developing innovative medicines targeting genomically-defined alterations in both hematologic and solid cancers, announced the closing of a $56 million Series A financing today. The syndicate is led by Cormorant Asset Management with participation from Boxer Capital of Tavistock Group, Janus Henderson Investors, Rock Springs Capital, RTW Investments, LP, Aisling Capital, Point Sur Investors, Logos Capital and Clifton Capital.
Proceeds from the financing will support Biomea Fusion bringing its irreversible menin inhibitor into the clinic to produce first-in-human data for a variety of tumor types. Furthermore, the company will continue preclinical work in two additional irreversible programs and advance them into IND enabling studies. Biomea Fusion will also expand its core research team, enhancing both pre-clinical and clinical capabilities.
"Our mission is to advance treatment for the many cancer patients with defined alterations by delivering an innovative medicine that specifically and permanently binds to the problematic target. As we have seen from the successes of other irreversible covalent inhibitors, this is an elegant way to provide deep, and potentially durable, drug effects for cancer patients with limited current options," said Thomas Butler, co-founder and Chief Executive Officer of Biomea Fusion. "We are extremely humbled by this support to advance our very exciting menin program into the clinic and produce first-in-human data in patients with liquid and solid tumors as well as expand our irreversible drug development program. With this financing, we are one step closer to bringing innovative targeted therapies to cancer patients worldwide."
Ramses Erdtmann, co-founder and President of Biomea Fusion, added, "since 2017, when we started our early preclinical work, we were driven by the idea of developing patient-friendly therapies that are targeted and will lead to higher and longer lasting responses in cancer patients. With our first program, an irreversible menin inhibitor, we are pursuing a well-known target that is highly relevant to growth of many tumor types. This is research worth doing and I am proud of the team we have assembled so far; bringing together very experienced new and former colleagues to Biomea to help drive our mission forward and our programs into the clinic."
About Biomea Fusion
Biomea Fusion is a privately held precision medicine company with a mission to revolutionize drug development to create more effective therapies for cancer patients. The company was founded by a team of experienced drug developers to build a platform of irreversible covalent inhibitors. Biomea Fusion has a development portfolio that targets specific gene mutations which occur in the DNA of patients that translate into key drivers of tumor growth. It is Biomea's goal to move these potentially breakthrough medicines swiftly through the development process and deliver highly impactful treatments for patients in need. The lead program targets the protein-to-protein interaction between menin and the MLL complex for the treatment of various tumors. This program is currently in IND enabling studies and is planned to enter the clinic in the second half of 2021. Since the company's inception in 2017, Biomea Fusion had been solely funded by its founders until June of 2020. For more information, please visit www.biomeafusion.com and follow us on LinkedIn.
Investor and Media Contact:
Ramses Erdtmann
Biomea Fusion, Inc.
650-980-9099
re@biomeafusion.com