LONDON: RTW Venture Fund Limited notes the announcement by its portfolio company C4 Therapeutics on 01 October 2020 of its pricing of a $182.4 million initial public offering (IPO) and admission to trade on Nasdaq Global Market under the ticker “CCCC”.
C4T is a US‐based 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 Investigational New Drug application (IND) by the end of 2020, with the goal of bringing four drug candidates into clinical trials by the end of 2022.
The Company and affiliated funds managed by RTW Investments, LP participated in a $170 million financing round in June 2020.
C4T’s IPO was significantly upsized and oversubscribed, raising $182.4 million, offering 9.6 million shares at $19.00 per share. On the first day of trading, C4T’s share price increased by 34.2% to close at $25.49 per share.
Stephanie Sirota, Chief Business Officer of the Investment Manager and Director of the Company, said: “We are pleased with C4T’s successful IPO and look forward to remaining a reliable partner to the company post‐IPO in its efforts to bring best‐in‐class targeted protein degradation‐based therapies for patients in need.
RTW is a full life cycle investor ranging from incubation of new companies, mid‐stage venture to pre‐IPO and public markets investing. As a specialist investor focused on disruptive innovations in biotech and medical technologies, we have a view into the most promising ideas from our research‐led internal idea generation process. We are excited to see now five of our portfolio companies successfully IPO this year, showcasing RTW Venture Fund’s investment strategy at work. We are looking forward to updating our shareholders on future catalysts of our portfolio companies in due course.”
TW 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.
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