Rtw Biotech Regulatory News (RTW)

LEI: 549300Q7EXQQH6KF7Z84

19 October 2020

RTW Venture Fund Limited

Portfolio Company Update: Tarsus Pharmaceuticals IPO

Tarsus Pharmaceuticals Prices $88 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 Tarsus Pharmaceuticals, Inc. ("Tarsus") on 15 October 2020 of its pricing of an $88.0 million initial public offering ("IPO") and admission to trade on Nasdaq Global Market under the ticker "TARS".

Tarsus is a US-based clinical stage biopharmaceutical company focused on the development and commercialization of first-in-class therapeutics for ophthalmic conditions where there are limited treatment alternatives. Tarsus' lead drug candidate, TP-03, is in late-stage clinical trials for the treatment of Demodex blepharitis, a common condition of ocular inflammation of the eyelid margin caused by the infestation of Demodex mites, with no FDA-approved therapies.

The Company and affiliated funds managed by RTW Investments, LP (the "Investment Manager") participated in a $40 million Series C financing round in September 2020.

Tarsus' IPO was significantly upsized and oversubscribed, raising $88 million, offering 5.5 million shares at $16.00 per share.  On the first day of trading, Tarsus's share price increased by 28.6% to close at $20.58 per share.

Roderick Wong, MD, Managing Partner and Chief Investment Officer of the Investment Manager, said:

"We are delighted to support Tarsus' recent private financing round and now its successful IPO. The addition of Tarsus to the portfolio is a part of our focus on ophthalmology and commitment to invest in innovative therapies that have the potential to transform standard of care. We intend to remain invested post-IPO and support Tarsus' effort to bring a first-in-class treatment for blepharitis, an eye condition with no approved therapies and large unmet need population."

Tarsus' announcement can be accessed on its website at: www.tarsusrx.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

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.

Tarsus Pharmaceuticals Inc. Announces Pricing of Initial Public Offering

IRVINE, Calif., Oct. 15, 2020 (GLOBE NEWSWIRE) -- Tarsus Pharmaceuticals, Inc., ("Tarsus") a late clinical-stage biopharmaceutical company focused on the development and commercialization of therapeutic candidates to address large market opportunities initially in ophthalmic conditions, today announced the pricing of its initial public offering of 5,500,000 shares of common stock at a public offering price of $16.00 per share, for gross proceeds of $88.0 million, before underwriting discounts, commissions, and offering expenses payable by Tarsus. In addition, Tarsus has granted the underwriters an option for a period of 30 days to purchase up to 825,000 additional shares of common stock at the initial public offering price, less underwriting discounts and commissions. All shares are being offered and sold by Tarsus.

Tarsus' common stock is expected to begin trading on The Nasdaq Global Select Market on October 16, 2020 under the symbol "TARS." The offering is expected to close on or about October 20, 2020, subject to the satisfaction of customary closing conditions.

BofA Securities, Jefferies and Raymond James are acting as joint book-running managers for the offering. LifeSci Capital and Ladenburg Thalmann are acting as co-managers for the offering.

A registration statement relating to the offering of these securities was declared effective by the Securities and Exchange Commission (the "SEC") on October 15, 2020. Copies of the registration statement can be accessed by visiting the SEC website at www.sec.gov. The securities referred to in this release are to be offered only by means of a prospectus. A preliminary prospectus describing the terms of the offering has been filed with the SEC and forms a part of the effective registration statement. When available, a copy of the final prospectus relating to the offering may be obtained from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, or by email at dg.prospectus_requests@bofa.com; Jefferies at 1-877-821-7388 or by email at prospectus_department@jefferies.com; and Raymond James at 1-800-248-8863 or by email at prospectus@raymondjames.com.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

About Tarsus Pharmaceuticals, Inc.

Tarsus Pharmaceuticals, Inc. is a late clinical-stage biopharmaceutical company focused on the development and commercialization of therapeutic candidates to address large market opportunities, initially in ophthalmic conditions, where there are limited treatment alternatives. It is advancing its pipeline to address several diseases across therapeutic categories including eye care, dermatology, and other diseases with high, unmet needs. Its lead product candidate, TP-03, is a novel therapeutic in Phase 2b/3 that is being developed for the treatment of Demodex blepharitis.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements." These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words, without limitation, "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will" or "would" or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these or similar identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms of the offering or at all, and other factors discussed in the "Risk Factors" section of the preliminary prospectus that forms a part of the effective registration statement filed with the SEC. Any forward-looking statements contained in this press release are based on the current expectations of Tarsus' management team and speak only as of the date hereof, and Tarsus specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Media Contact:

Allison Howell

Pascale Communications, LLC

allison@pascalecommunications.com