Positive Data Announcement - Avidity Biosciences

LEI: 549300Q7EXQQH6KF7Z84

13 June 2024

RTW Biotech Opportunities Ltd

Positive Clinical Data Announcement by Largest Portfolio Holding - Avidity Biosciences

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 on 12^th June by its largest portfolio holding, Avidity Biosciences Inc. ("Avidity") (Nasdaq: RNA) of positive initial data from its Phase 1/2 trial of AOC 1020, an investigational therapy that targets DUX4, the root cause of facioscapulohumeral muscular dystrophy (FSHD). AOC 1020 demonstrated unprecedented and consistent reductions of greater than 50% in DUX4 regulated genes, trends of functional improvement, and favourable safety and tolerability in people living with FSHD. Avidity plans to accelerate initiation of registrational cohorts in its Phase 1/2 trial.

FSHD is a rare, hereditary disorder marked by life-long, relentless loss of muscle function, significant pain, fatigue, and progressive disability, for which there are currently no approved therapies. AOC 1020 is the first investigational therapy designed to treat the underlying cause of FSHD.

As of the most recently published 30^th April NAV, Avidity represented a 13.4% position.

Rod Wong, Chief Investment Officer at the Investment Manager, said,

"We are delighted to have supported Avidity from its crossover round in 2020 all the way through to now this data, which further validates its antibody oligonucleotide conjugate platform. The approach combines 'the specificity of monoclonal antibodies with the precision of oligonucleotide therapies to hit targets traditionally deemed unreachable.'"

The full text of the announcement can be accessed on Avidity's website https://aviditybiosciences.com/

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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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