Andera Partners Participates in the €45 Million Series B Financing of Grey Wolf Therapeutics, led by Pfizer Ventures, to Advance First-of-its-Kind Neoantigen Creation Approaches

Premier Syndicate of Life Science Industry Investors led by Pfizer Ventures and Earlybird Venture Capital and including Canaan, Andera Partners, Oxford Science Enterprises and British Patient Capital

Proceeds to Support Advancement of Lead Candidate, ERAP1 Inhibitor GRWD5769, into the Clinic in 1H 2023; Continued R&D for Follow-On ERAP Inhibition Strategies

OXFORD, UK; PARIS, FRANCE – JANUARY 26, 2023 – Grey Wolf Therapeutics, a biotechnology company focused on generating entirely novel anti-tumour immune responses through targeted cancer neoantigen creation, today announced the closing of an oversubscribed $49 million Series B financing. The financing was co-led by Pfizer Ventures and Earlybird Venture Capital, and also included investment from new investors Oxford Science Enterprises and British Patient Capital and existing investors Canaan and Andera Partners. Proceeds will support the continued development of the company’s first-of-its-kind immuno-oncology approaches designed to overcome key resistance mechanisms through the creation of novel cancer antigens. This includes the anticipated advancement of the company’s lead asset, GRWD5769, into a Phase 1/2 clinical trial in the first half of 2023.

Grey Wolf Therapeutics’ unique therapeutic strategy is centered on generating entirely novel immune responses against tumours thereby overcoming key resistance mechanisms to current immuno-oncology therapy such as poor tumour recognition by T cells and T cell exhaustion. This is achieved through targeted inhibition of the endoplasmic reticulum aminopeptidases (ERAP1 or ERAP2), which drives the generation and presentation of novel and potent cancer antigens to the surface of tumour cells, in turn eliciting a de novo T cell response against tumours.

The ground-breaking research and development activities conducted by the Grey Wolf team have generated a pipeline of novel ERAP inhibition programs, led by GRWD5769, a potentially first-in-class ERAP1 inhibitor. During the first half of 2023, the company intends to initiate an adaptive Phase 1/2 clinical trial evaluating the safety, tolerability, and efficacy of GRWD5769, including a planned combination with the PD-1 inhibitor Libtayo® (cemiplimab), in a range of solid tumour types. Additionally, the company will direct a portion of the Series B proceeds to follow-on programs including efforts focused on ERAP2 inhibition and the identification of entirely novel cancer antigens that can be targeted with MHC Class I directed therapies, such as soluble T cell receptor (TCR) and TCR mimic bispecifics.

“This syndicate of leading life science industry investors brings a wealth of relevant expertise and resources to Grey Wolf at a critical time in our evolution as we prepare to enter the clinic,” said Peter Joyce, Ph.D., chief executive officer of Grey Wolf Therapeutics. “The funding these groups have committed to Grey Wolf will not only support our efforts to demonstrate clinical proof-of-concept for ERAP inhibition with our lead program, but it will also drive our continued scientific exploration in this area as we aim to further advance and broaden our pipeline of first-of-their-kind therapeutics.”

Raphaël Wisniewski, partner in the Andera Life Sciences team, comments: “We at Andera continue to be excited by the very original and well differentiated immuno-oncology approach being developed by the company, designed to overcome certain limitations of current immune checkpoint inhibitors. We are proud of the tremendous progress made by the team that we have supported since the company’s inception, switching from a discovery-stage to a Phase-1 ready biotech company. We are very pleased to welcome high-quality international new investors to the syndicate to explore the full potential of ERAP1 modulation in the clinic”.

In conjunction with the financing, Grey Wolf Therapeutics has announced several new appointees to its board of directors including:

• Sally Dewhurst, senior associate, Oxford Science Enterprises
• Emma Johnson, investment manager, British Patient Capital
• Rabab Nasrallah, principal, Earlybird Venture Capital
• Marie-Claire Peakman, principal, Pfizer Ventures

ABOUT GREYWOLF THERAPEUTICS

Grey Wolf Therapeutics is a UK- and Australian-based drug discovery and development biotechnology company spearheading a new therapeutic approach in immuno-oncology. The company’s first-of-its-kind immuno-oncology approach is centered on inhibiting the endoplasmic reticulum aminopeptidases (ERAP1 or ERAP2), which play a key role in the antigen presentation pathway. Inhibiting ERAP1 or ERAP2 generates novel cancer antigens and upregulates certain other neoantigens, resulting in the mobilisation of an entirely novel T cell response against the tumour that increases tumour visibility where current therapies are ineffective, and bypasses the challenge faced by current immunotherapy when once anti-tumourigenic T cells become irreversibly exhausted and hence ineffective. Based on this approach, the company is developing a portfolio of potentially first-in-class small molecules that inhibit ERAP1 or ERAP2. The company’s lead development candidate, GRWD5769, is a potent and selective ERAP1 inhibitor that elicits a powerful and differentiated immune response against the tumour and is entering the clinic in the first half of 2023. A second program, focused on ERAP2 inhibition, is advancing through the discovery process. The company is leveraging its leadership in neoantigen creation to unlock entirely novel cancer antigens that can be targeted with MHC Class I directed therapies, such as soluble T cell receptor (TCR) and TCR mimic bispecifics. For more information, please visit: www.gwt.bio

ABOUT ANDERA PARTNERS

Created over 20 years ago, Andera Partners is a major player in private company investments in France and internationally. Its teams manage over €3.7 billion in investments in life sciences (Andera Life Sciences), growth and buyout capital (Andera MidCap, Andera Expansion, Andera Croissance, Andera Co-Invest), sponsorless transactions (Andera Acto) and ecological transition (Andera Infra).

Based in Paris, with offices in Antwerp and Munich, Andera Partners is wholly owned by its teams, which count nearly 100 professionals, of which 60 are investment professionals. It is structured as a partnership and managed by a board of 12 partners. Responsible and committed, the management company regularly forms partnerships with non-profit sector entities and takes concrete action in the fight against global warming.

Andera's 15-person life sciences team brings together extensive experience in the life sciences industry, private equity and venture capital. Active since 2000, the team has raised over €1.1 billion through its BioDiscovery family of funds and is currently investing from its new BioDiscovery 6 fund. Since inception, the BioDiscovery funds have invested in more than 75 European and U.S. biotech and medtech companies. For further information, please visit www.anderapartners.com.

MEDIA CONTACTS:

• Nicolas DELSERT, Andera Partners: +33 6 22 67 71 17 / n.delsert@anderapartners.com
• Bénédicte DEBUSSCHERE, Bien Commun Advisory : +33 6 48 56 70 71 / b.debusschere@bcadvisory.fr
• Raimund GABRIEL, MC Services: +49 89 210 228 30 / raimund.gabriel@mc-services.eu
• Dr. Johanna KOBLER, MC Services: +49 89 210 228 46 / johanna.kobler@mc-services.eu