Series B Financing in C4 Therapeutics

LEI: 549300Q7EXQQH6KF7Z84

16 June 2020

RTW Venture Fund Limited

New Investment in C4 Therapeutics

RTW Participates in Series B Financing Round in C4 Therapeutics

RTW Venture Fund Limited (the "Company"), the London listed investment company focused on identifying transformative assets with high growth potential across the life sciences sector, notes the announcement by C4 Therapeutics, Inc. ("C4T") on 16 June 2020 of its completion of a $170 million financing, including $150 million Series B round. The Company alongside other funds managed by RTW Investments, LP (the "Investment Manager") confirms that it participated in the financing round together with other investment firms.

C4T is a US-based privately held biotech company pioneering a new class of small molecule drugs that selectively destroy disease-causing proteins via degradation using the innate machinery of the cell. C4T has a robust pre-clinical pipeline in oncology and is expecting to file its first IND by the end of 2020, with the goal of bringing four drug candidates into clinical trials by the end of 2022.

The Company's investment in C4T marks the addition of a twelfth portfolio company and its sixth investment following its IPO in October 2019. The Investment Manager is looking forward to growing the Company's investment pipeline and updating shareholders on further opportunities in due course.

Roderick Wong, MD, Managing Partner of RTW, the Investment Manager said:

"We are delighted to support C4T's leading work in targeted protein degradation, a new class of small-molecule drugs, and advancement of their deep pipeline into human proof-of-concept clinical trials in oncology, as well as the broad application potential of its TORPEDO™ technology platform to create transformative best-in-class therapies for patients in need. The addition of C4T following our data-driven investment appraisal, further complements our oncology focus and commitment to invest in innovative therapeutic modalities."  

The announcement can be accessed on C4T's website at: www.c4therapeutics.com and full text of the announcement from C4T 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.

C4 Therapeutics Raises $170 Million Financing to Bring Robust Pipeline of Protein Degraders to Clinical Proof-of-concept and to Advance Proprietary Platform

-Multiple oncology-focused programs poised to enter clinical trials in 2021 and 2022-

WATERTOWN, Mass, June 16, 2020 - C4 Therapeutics, Inc. (C4T), a biotechnology company pioneering a new class of small-molecule drugs that selectively destroy disease-causing proteins via degradation, today announced the closing of a $170 million financing, including $150 million in Series B equity co-led by existing investor Cobro Ventures and new investor Perceptive Advisors and $20 million in venture debt by Perceptive Advisors. Additional new equity investors in the round included Adage Capital Management, Axil Capital, Bain Capital Life Sciences, Commodore Capital, HBM Healthcare Investments, Lightchain Capital, Logos Capital, Mizuho Securities Principal Investment, Nextech, RA Capital, RTW Investments, Sphera Funds Management, Taiwania Capital Management, Yonjin Venture, 3E Bioventures Capital, and multiple funds managed by T. Rowe Price and Janus Henderson Investors. Existing investors also participated.

C4T will use the proceeds to advance multiple BiDAC™ degrader candidates to human proof-of-concept and to expand the Company's capabilities. C4T has invested significantly in its TORPEDO™ platform, which combines a robust chemistry engine, proprietary assays, and high throughput screening with predictive modelling for accelerated, informed, and efficient discovery and design of high-quality candidates.

"This funding comes at a significant juncture, as our company is moving to a clinical stage. We plan on filing our first IND by the end of this year, and expect to have four candidates in the clinic by the end of 2022. We have a deep pipeline addressing a diverse set of oncology indications that provides us with significant optionality. Protein degraders allow for more potent and durable pharmacologic responses than traditional inhibitors, and we bring a differentiated approach to this transformative modality through our proprietary TORPEDO™ platform," said Marc Cohen, Co-Founder, Chairman and CEO of C4 Therapeutics. "We look forward to advancing our programs with the goal of bringing new therapeutics to patients suffering from life-threatening diseases, and are thrilled to have attracted top-tier life science investors to our company in this very oversubscribed round."

"C4 Therapeutics is a pioneer in this exciting and promising new protein degradation space," said Adam Stone, Chief Investment Officer of Perceptive Advisors and co-lead of this financing. "With their strong science and world class team we have no doubt that they will be able to bring powerful new therapeutics to patients and we are excited to collaborate with C4T on this important mission."

"C4T remains at the forefront of this novel modality with its proprietary platform validated by high-value strategic partnerships," added Todd Kaloudis, Chief Operating Officer at Cobro Ventures Opportunity Fund, co-lead of this round. "We are proud to support C4T in its mission to destroy disease-causing proteins and deliver breakthrough treatments for significant unmet medical needs."

Jefferies and Locust Walk served as transaction advisors to the Company in the Series B financing.

About C4 Therapeutics

C4 Therapeutics (C4T) is pioneering a new class of small-molecule drugs that selectively destroy disease-causing proteins via degradation using the innate machinery of the cell. This targeted protein degradation approach offers advantages over traditional drugs, including the potential to treat a wider range of diseases, reduce drug resistance, achieve higher potency, and decrease side effects through greater selectivity. To learn more about C4 Therapeutics, visit www.C4Therapeutics.com.

Media Contact:

Caroline Rufo, Ph.D.

MacDougall

781-235-3060

crufo@macbiocom.com

Investor Contact:

Jane Urheim

Stern Investor Relations, Inc.

212-362-1200

Jane.urheim@sternir.com