Portfolio Company Update: CARGO Therapeutics, Inc

LEI: 549300Q7EXQQH6KF7Z84

13th November 2023

RTW Biotech Opportunities Ltd

Portfolio Company Update: CARGO Therapeutics, Inc. prices $281.3 Million IPO

RTW Biotech Opportunities Ltd (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 note the announcement by CARGO Therapeutics, Inc. ("CARGO") regarding its pricing of a $281.3 million initial public offering ("IPO") and admission to trade on Nasdaq Global Select Market under the ticker "CRGX".

CARGO's IPO raised $281.3 million by offering 18,750,000 shares at $15.00 per share, marking one of the largest biotech IPOs of the year. In addition, CARGO has granted the underwriters a 30-day option to purchase up to 2,812,500 additional shares of common stock at the initial public offering price, less the underwriting discounts and commissions. CARGO was a 1.2% position in the Company as of 31st October 2023.

CARGO Therapeutics, Inc. is a clinical-stage biotechnology company positioned to advance next generation, potentially curative cell therapies for cancer patients. CARGO's programs, platform technologies, and manufacturing strategy are designed to directly address the limitations of approved cell therapies, including limited durability of effect, safety concerns and unreliable supply.

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

"We are pleased to continue to support CARGO Therapeutics in their mission to deliver innovative CAR-T cell therapy to patients with cancer. Despite the ongoing challenges in the capital markets, with very little IPO activity, we continue to see that good companies with innovative technologies and strong management teams can access the public markets. This marks the fourth IPO from our private portfolio so far this year."

The full text of the announcement can be found on CARGO's website https://investors.cargo-tx.com/news-releases/news-release-details/cargo-therapeutics-announces-pricing-initial-public-offering

For Further Information

About Biotech Opportunities Ltd:

RTW Biotech Opportunities Ltd (LSE: RTW & RTWG) 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 Biotech Opportunities Ltd invests in companies developing next-generation therapies and technologies that can significantly improve patients' lives. RTW Biotech Opportunities Ltd 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 website at www.rtwfunds.com/rtw-biotech-opportunities-ltd 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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