Issue of Equity

LEI: 549300Q7EXQQH6KF7Z84

17 August 2020

RTW Venture Fund Limited

(the "Company")

ISSUE OF EQUITY

On 17 August 2020, the Company issued 781,250 new ordinary shares of no par value each at a price of US$1.455 per share; these shares rank pari passu with the existing ordinary shares in issue. The issue price equates to a premium to the net asset value per share at the time of the transaction.

As a result of this issue, the total number of ordinary shares in issue now stands at 179,804,548 and the total number of voting rights in the Company is 179,804,548. There are no shares held in treasury.

The above figure of 179,804,548 may be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

The Company confirms that application for admission will be made to London Stock Exchange plc and it is expected that admission will occur at 8:00 a.m. on 21 August 2020.

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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.