iTeos Therapeutics Prices $201 Million IPO

LEI: 549300Q7EXQQH6KF7Z84

27 July 2020

RTW Venture Fund Limited

Portfolio Company Update

iTeos Therapeutics Prices $201 Million IPO

RTW Venture Fund Limited (the "Company" or "RTW Venture Fund"), the London 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 iTeos Therapeutics, Inc. ("iTeos") on 23 July of its pricing of a $201.1 million initial public offering (IPO) and admission to trade on NASDAQ under ticker "ITOS".

iTeos is a clinical-stage biotechnology company developing innovative cancer immunotherapies. The Company and funds managed by RTW Investments, LP (the "Investment Manager") participated in a $125 million Series B2 round in March 2020.

iTeos' IPO was significantly oversubscribed, raising $201.1 million by offering 10.5 million shares at $19.00 per share.

The valuation of iTeos at IPO was a 1.8x multiple of the investment made by the Company in March 2020.

Stephanie Sirota, Chief Business Officer of the Investment Manager and Director of the Company commented, "We look forward to continue supporting iTeos, now a publicly-traded company, and its clinical development progress of novel immunotherapies for cancer patients. The IPO is a significant milestone for iTeos and we are delighted with their accomplishment.

RTW is a full life cycle investor ranging from new company creation to mid-stage venture and public markets investing. In line with our strategy, we will seek to maintain exposure to highly attractive and successful portfolio companies such as iTeos post-IPO."

The announcement on IPO pricing can be accessed on iTeos' website at: www.iteostherapeutics.com and full text of the announcement from iTeos 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 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.

iTeos Therapeutics Announces Pricing of Initial Public Offering

CAMBRIDGE, Mass. and GOSSELIES, Belgium, July 23, 2020 (GLOBE NEWSWIRE) -- iTeos Therapeutics, Inc. (Nasdaq: ITOS), a clinical-stage biopharmaceutical company pioneering the discovery and development of a new generation of highly differentiated immuno-oncology therapeutics for patients, today announced the pricing of its initial public offering of 10,586,316 shares of common stock at a public offering price of $19.00 per share. All of the shares are being offered by iTeos. The shares are expected to begin trading on the Nasdaq Global Market on July 24, 2020 under the ticker symbol "ITOS." The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by iTeos, are expected to be approximately $201.1 million. The offering is expected to close on July 28, 2020, subject to the satisfaction of customary closing conditions. In addition, iTeos has granted the underwriters a 30-day option to purchase up to an additional 1,587,947 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

J.P. Morgan, SVB Leerink and Piper Sandler & Co. are acting as joint book-running managers for the offering. Wedbush PacGrow is acting as lead manager for the offering.

Registration statements relating to these securities became effective on July 23, 2020. The offering will be made only by means of a prospectus, copies of which may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at (800) 808-7525, ext. 6218, or by email at syndicate@svbleerink.com; or Piper Sandler & Co., Attention: 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, Attention: Prospectus Department, by telephone at (800) 747-3924, or by e-mail at prospectus@psc.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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.

About iTeos Therapeutics:

iTeos Therapeutics is a clinical-stage biopharmaceutical company pioneering the discovery and development of a new generation of highly differentiated immuno-oncology therapeutics for patients.

Media Contact:

Michel Detheux, CEO

iTeos Therapeutics Inc.

info@iteostherapeutics.com

Amber Fennell, Paul Kidwell

Consilium Strategic Communications

+44 203 709 5700

iteos@consilium-comms.com

Investor Contact:

Sarah McCabe, Zofia Mita

Stern Investor Relations, Inc.

+ 1 212 362 1200

iTeos@sternir.com