RTW Biotech invests $5.9 million in Yarrow Bioscience funding round
RTW Biotech Opportunities Ltd on Thursday said it participated in the series A funding round of clinical stage biotechnology company Yarrow Bioscience Inc ahead of its Nasdaq listing.
The Guernsey-based investor in the life sciences sector said it invested $5.9 million in Yarrow Bioscience, representing 0.7% of its net asset value as of November 30.
RTW notes that Yarrow was founded to develop transformative therapies for autoimmune thyroid diseases, and represents the seventh company creation by RTW Investments LP.
The company’s lead programme, YB-101, is focused on rapidly and efficiently blocking pathogenic activity of thyroid-stimulating autoantibodies that drive disease progression in both Graves’ disease and thyroid eye disease.
On Monday this week, RTW and Yarrow reported a global ex-China licence agreement for YB-101 with Changchun GeneScience Pharmaceuticals Co Ltd subsidiary, Shanghai Scizeng Medical Technology Co Ltd.
This collaboration is centred around developing a US-based biotech that is focused on addressing underserved patients impacted by endocrinology and autoimmune disorders.
Further, on Wednesday, Yarrow announced it had entered into a definitive merger agreement with New Jersey-based biotechnology company VYNE Therapeutics Inc, with this deal seen closing in the second quarter of next year.
The combined entity is set to operate as Yarrow Bioscience Inc and will trade on the Nasdaq, said RTW, adding that in support of the combination, a syndicate of investors led by RTW Investments LP and OrbiMed Advisors committed pre-closing financing of around $200 million.
RTW shares were up 1.9% at $2.18 on Thursday morning in London.
‘The partnership with GenSci and merger with VYNE positions Yarrow well to transform treatment options in Graves’ disease and thyroid eye disease. Yarrow’s leadership team brings exceptional scientific and operational expertise, and we look forward to working closely with them to advance YB-101 and realise its full potential for patients,’ said RTW Investments Chief Investment Officer Roderick Wong.
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