Rtw Biotech Regulatory News (RTW)

LEI: 549300Q7EXQQH6KF7Z84

02 October 2020

RTW Venture Fund Limited

Portfolio Company Update: Pulmonx IPO

Pulmonx Prices $190 Million IPO

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 its portfolio company Pulmonx Corporation ("Pulmonx") on 30 September 2020 of its pricing of a $190 million initial public offering (IPO) and admission to trade on Nasdaq Global Market under ticker "LUNG".

Pulmonx is a medical device company that commercializes the Zephyr Valve System, first FDA‐approved minimally invasive procedure for the treatment of severe emphysema.

Prior to IPO, RTW Investments, LP (the "Investment Manager") initially participated in a $65 million financing round in Pulmonx in April 2019. Since then, the Company and other funds managed by the Investment Manager participated in a $66 million follow‐on financing round in April 2020.

Pulmonx' IPO was significantly upsized and oversubscribed, raising $190 million by offering 10 million shares at $19.00 per share. On the first day of trading, Pulmonx' share price increased by 106.9% to close at $39.31 per share.

Naveen Yalamanchi, MD, Portfolio Manager at the Investment Manager, said:

"We are delighted with Pulmonx' highly successful IPO, making this the one of the most successful biotech / medtech IPOs this year. As a full life cycle investor, we look forward to maintaining exposure to promising portfolio companies such as Pulmonx post‐IPO and continue supporting the company and its efforts to expand commercialization of the Zephyr Valve for patients with severe emphysema."

Pulmonx' IPO pricing announcement can be accessed on its website at: www.pulmonx.com and full text of the announcement 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, Business Development Associate 

Buchanan +44 (0)20 7466 5107

Charles Ryland

Henry Wilson 

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 US 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.

Pulmonx Corporation Announces Pricing of its Upsized Initial Public Offering

REDWOOD CITY, Calif., Sept. 30, 2020 (GLOBE NEWSWIRE) ‐‐ Pulmonx Corporation ("Pulmonx") today announced the pricing of its upsized initial public offering of 10,000,000 shares of its common stock at a price of $19.00 per share, for gross proceeds of $190,000,000 million, before underwriting discounts and commissions and offering expenses payable by Pulmonx. Pulmonx has also granted the underwriters a 30‐day option to purchase up to an additional 1,500,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. All shares are being offered and sold by Pulmonx. The shares are expected to begin trading on the Nasdaq Global Select Market on October 1, 2020 under the ticker symbol "LUNG." The offering is expected to close on October 5, 2020, subject to the satisfaction of customary closing conditions.

BofA Securities and Morgan Stanley are acting as joint lead book‐running managers for the offering, and Stifel, Wells Fargo Securities and Canaccord Genuity are acting as lead managers for the offering.

The offering is being made only by means of a prospectus. A copy of the final prospectus related to the offering may be obtained, when available, from: BofA Securities, Attention: Prospectus Department, NC1‐004‐03‐43, 200 North College Street, 3rd Floor, Charlotte, NC 28255‐0001, by telephone at 1‐800‐294‐1322 or by email at dg.prospectus_requests@bofa.com; or Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by telephone at 1‐866‐718‐1649 or by email at prospectus@morganstanley.com.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on September 30, 2020. A copy of the registration statement may be accessed through the Securities and Exchange Commission's website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Investor Contact:

Brian Johnston

Gilmartin Group LLC

631‐807‐1986

Investors@pulmonx.com 

Media Contact:

Meghan Oreste

Pulmonx Corporation

617‐823‐1441 moreste@pulmonx.com