Rtw Biotech Regulatory News (RTW)

LEI: 549300Q7EXQQH6KF7Z84

14 July 2021

RTW Venture Fund Limited

Portfolio Company Update

RTW INVESTMENTS-BACKED JI XING PHARMACEUTICALS APPOINTS JOSEPH ROMANELLI AS CHIEF EXECUTIVE OFFICER

· Former President of Merck's Operations in China and 25-year industry veteran brings to Ji Xing significant biopharmaceutical expertise and proven ability to drive growth

· Ji Xing announces partnership between Ji Xing and Milestone Pharmaceuticals

· RTW Venture Fund Limited announces a follow-on investment in Ji Xing as it completes Series B financing round

RTW Venture Fund Limited (the "Company"), a London Stock Exchange listed investment company focused on identifying transformative assets with high growth potential across the life sciences sector, is pleased to announce three positive updates in connection with its portfolio company Ji Xing Pharmaceuticals ("Ji Xing"), a biotechnology company focused on bringing innovative medicines to underserved Chinese patients with serious and life-threatening diseases.

Firstly, the Company notes the announcement by Ji Xing, an affiliate of RTW Investments, LP (the "Investment Manager" of the Company), that Joseph Romanelli has been named Chief Executive Officer and member of the board of directors.

Mr. Romanelli has more than 25 years of biopharmaceutical and biotechnology experience, nearly all with Merck & Co., Inc. ("Merck" or "MSD"). Most recently, he served as the President of MSD China for more than four years, where he oversaw over 20 product launches, including Keytruda and Gardasil, the latter becoming the largest multinational company (MNC) product in China by revenue. Due to the outstanding product launches and industry leading growth, MSD grew from the 7th to the 2nd largest MNC in China by revenue under his leadership. From an industry and organizational perspective, he was named a "Top Ten Pharma Leader of the Year" in 2019 by the National Healthy China Forum and managed the company's more than 5,000 employees in the market. He also briefly served as President of U.S. Human Health at Merck overseeing the company's largest market by revenue. Previously, Mr. Romanelli held other senior roles, including Vice President of Investor Relations.

"I am thrilled to join a Company so committed to the cause of delivering innovative therapies to underserved Chinese patients," said Mr. Romanelli. "Ji Xing's differentiated approach, growing drug pipeline, and extremely talented team make this the perfect fit for me, and I look forward to building on the Company's strong track record of growth to deliver these innovative therapies to our patients."

Mr. Romanelli will build upon the strong foundation established by Ji Xing's founding Chief Executive Officer, Peter Fong, PhD, who will remain with RTW in his role as Head of Company Creation and on Ji Xing's board of directors. Fong led Ji Xing's formation and ran the Company for its first two years of operations, overseeing its first 45 hires, two drug in-licenses, and first clinical studies.

Secondly, the Company notes the joint announcement by Ji Xing and Milestone Pharmaceuticals, Inc. (Nasdaq: "MIST", "Milestone"), a biopharmaceutical company focused on the development and commercialization of innovative cardiovascular medicines, on 17 May 2021 of an exclusive licensing agreement and collaboration for the development and commercialization of etripamil in Greater China for patients with paroxysmal supraventricular tachycardia ("PSVT") and additional cardiovascular conditions. Milestone is also a portfolio company of the Company.

Etripamil is a novel calcium channel blocker designed as a self-administered nasal spray for a rapid response therapy in episodic cardiovascular conditions, which may shift the current treatment paradigm for many patients with PSVT from the emergency department to the at-home setting. Etripamil is advancing through Phase 3 clinical trials for PSVT.

Thirdly, the Company, alongside other funds managed by the Investment Manager, confirms that it participated in Ji Xing's Series B financing round. The new capital is expected to help fund Ji Xing's commitments to its licensing partners, as well as other aspects of the company's operations. The Company together with other investment vehicles managed by the Investment Manager seeded Ji Xing in February 2020 and completed a Series A financing round in July 2020.

The announcement from Ji Xing can be found below.

The joint announcement from Ji Xing and Milestone dated 17 May 2021 can be accessed on Milestone's website www.milestonepharma.com.

For Further Information

RTW Investments, LP +1 (646) 343 9280Stephanie Sirota, Chief Business OfficerAlexandra Taracanova, PhD, Director of Investor Relations

Julia Enright, Senior 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 company 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 for more information.

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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.

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RTW INVESTMENTS-BACKED JI XING PHARMACEUTICALS APPOINTS

JOSEPH ROMANELLI CHIEF EXECUTIVE OFFICER

Former President of Merck's Operations in China and 25-year Industry Veteran Brings Significant Biopharmaceutical Expertise and Proven Ability to Drive Growth

Announces Partnership Between Ji Xing and Milestone Pharmaceuticals

Ji Xing Completes Series B Financing Round

Shanghai - July 13, 2021 - Ji Xing Pharmaceuticals ("Ji Xing" or the "Company"), a biotechnology company focused on bringing innovative medicines to underserved Chinese patients with serious and life-threatening diseases, today announced that Joseph Romanelli has been named Chief Executive Officer and member of the board of directors, effective immediately. Ji Xing is backed by RTW Investments, LP ("RTW"), a leading healthcare-focused entrepreneurial investment firm with a strong track record of creating companies developing life-changing therapies.

"I am thrilled to join a Company so committed to the cause of delivering innovative therapies to underserved Chinese patients," said Romanelli. "Ji Xing's differentiated approach, growing drug pipeline, and extremely talented team make this the perfect fit for me, and I look forward to building on the Company's strong track record of growth to deliver these innovative therapies to our patients."

Romanelli has more than 25 years of biopharmaceutical and biotechnology experience, nearly all with Merck & Co., Inc. ("Merck" or "MSD"). Most recently, he served as the President of MSD China for more than four years, where he oversaw over 20 product launches, including Keytruda and Gardasil, the latter becoming the largest multinational company (MNC) product in China by revenue. Due to the outstanding product launches and industry leading growth, MSD grew from the 7th to the 2nd largest MNC in China by revenue under his leadership. From an industry and organizational perspective, he was named a "Top Ten Pharma Leader of the Year" in 2019 by the National Healthy China Forum and managed the company's more than 5,000 employees in the market. He also briefly served as President of U.S. Human Health at Merck overseeing the company's largest market by revenue. Previously, Romanelli held senior roles, including Vice President of Investor Relations.

"Joe has unmatched expertise in building outstanding teams and delivering exceptional, life-saving drugs to the Chinese market," said Roderick Wong, Ji Xing's Chairman and Founder and Managing Partner of RTW. "Joe's reputation as one of the most influential biopharmaceutical leaders in China, combined with our shared sense of mission and values, make him an excellent fit to oversee Ji Xing. We are thrilled he will be leading the company into the future".

Romanelli will build upon the strong foundation established by Ji Xing's founding Chief Executive Officer, Peter Fong, PhD, who will remain with RTW in his role as Head of Company Creation and on Ji Xing's board of directors. Fong led Ji Xing's formation and ran the Company for its first two years of operations, overseeing its first 45 hires, two drug in-licenses, and first clinical studies.

One of Romanelli's first responsibilities will be overseeing the development of Ji Xing's recently announced licensed drug etripamil for the treatment of paroxysmal supraventricular tachycardia ("PSVT") and other cardiovascular indications in Greater China. Etripamil, licensed from Milestone Pharmaceuticals, is a novel calcium channel blocker designed as a self-administered nasal spray for a rapid response therapy in episodic cardiovascular conditions, which has the potential to shift the current treatment paradigm for the millions of Chinese patients with PSVT from the hospital to home. Etripamil is advancing through Phase 3 clinical trials for PSVT.

Ji Xing also announced the close of its Series B financing from RTW. The new capital is expected to help fund Ji Xing's commitments to its partners as well as other aspects of the company's operations.

About RTW Investments

RTW Investments, LP ("RTW") is a New York-based, global, full life-cycle investment firm that focuses on identifying transformational and disruptive innovations across the biopharmaceutical and medical technologies sectors. As a leading partner of industry and academia, RTW combines deep scientific expertise with a solution-oriented investment approach to support emerging medical therapies and the companies and/or academics developing them.

For further information about RTW, please visit www.RTWfunds.com.

About Ji Xing Pharmaceuticals

Backed by RTW Investments, LP, Ji Xing is a privately held, leading biotechnology company headquartered in Shanghai committed to bringing innovative science and medicines to underserved Chinese patients with serious and life-threatening diseases.