Lycia Therapeutics completes $106.6 million Series C financing

LONDON: RTW Biotech Opportunities Ltd, a London Stock Exchange-listed investment company focused on identifying transformative assets with high growth potential across the life sciences sector, noted the announcement by portfolio company, Lycia Therapeutics, of its completion of a $106.6 million Series C financing round.

The company, alongside other investment vehicles managed by RTW Investments, LP (the “Investment Manager”), participated in the financing round with other life science investment firms. The Company first invested in Lycia’s Series B financing round in January 2021. Lycia intends to use the net proceeds to progress its LYTAC degraders into clinical trials for patients with autoimmune and inflammatory diseases.

Lycia Therapeutics is a biotechnology company using its proprietary lysosomal targeting chimeras (LYTACs) platform to discover and develop first-in-class therapeutics that degrade extracellular and membrane-bound proteins that drive a wide range of difficult-to-treat diseases, including autoimmune and inflammatory diseases.

Josh Kennedy-Smith, PhD, Partner and Research Analyst at the Investment Manager, said, “Lycia is working at the cutting edge of extracellular protein degradation, and we are thrilled to continue our support of the company as they progress the development of multiple LYTAC degraders towards proof of concept in patients with autoimmune disease.”

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.

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