Lexeo Therapeutics, Inc.

Aeovian Pharmaceuticals raised $50 million to fuel clinical trials of its lead candidate, AV078, to treat a rare, genetic form of epilepsy. The round, which was led by Hevolution, comes as Aeovian dosed the first participant in a Phase I trial assessing the safety of AV078 in healthy volunteers. The compound is a central nervous system-penetrant selective mTORC1 inhibitor in development for tuberous sclerosis complex (TSC) epilepsy. "TSC is a genetic disorder of mTORC1 hyperactivation,” CEO Allison Hulme said. “AV078 has the potential to be transformative for patients with TSC refractory epilepsy, a patient population in need of therapeutic options with better efficacy and tolerability.”The financing – which saw participation from existing investors Apollo Health Ventures, Sofinnova Investments, venBio, Evotec and b2venture – is expected to provide Aeovian enough runway to finish the Phase I study and prepare for a Phase II trial in adult and paediatric patients with TSC refractory epilepsy.Aeovian also welcomed new faces to its executive team on Thursday. Hevolution’s William Greene joined the board along with Justin Gover, former CEO of GW Pharmaceuticals. Additionally, Micah Zajic was named as chief financial officer; he previously served as chief business officer of Lexeo Therapeutics.

First Cohort of Participants Dosed in Phase 1 Clinical Trial with Lead Development Candidate AV078 Intended for the Treatment of Seizures Associated with Tuberous Sclerosis Complex (TSC) Leadership Team Strengthened with the Appointment of William Greene, MD, CIO at Hevolution, and Justin Gover, Former CEO at GW Pharmaceuticals to the Board of Directors, and Micah Zajic Appointed as CFO $50M Financing Led by Hevolution BERKELEY, Calif., March 28, 2024 /PRNewswire/ -- Aeovian Pharmaceuticals, a clinical-stage biopharmaceutical company developing novel and highly selective therapeutics that potently inhibit the mTORC1 pathway, today announced that it has dosed the first cohort of participants in a Phase 1 clinical trial for its lead development candidate AV078, a first-in-class CNS penetrant selective mTORC1 inhibitor. Supporting this transition into the clinic, the company has also expanded its leadership team with the appointment of seasoned industry veterans William Greene, M.D., Chief Investment Officer at Hevolution, and Justin Gover, former Chief Executive Officer of GW Pharmaceuticals, to the company's Board of Directors, and appointed Micah Zajic as Chief Financial Officer. The company also recently completed a $50 million financing, led by Hevolution. "We are delighted to partner with Aeovian's management team and current investors, who have proven track records of success in drug discovery, development, and commercialization. Aeovian has assembled a compelling platform for the development of selective mTORC1 inhibitors," said Dr. Greene, CIO at Hevolution. "By developing novel small molecules to restore cellular metabolic quality control, Aeovian has several opportunities to address major unmet medical needs for indications spanning orphan neurological diseases to highly prevalent diseases of aging." In the $50M financing, Hevolution was joined by existing investors Apollo Health Ventures, Sofinnova Investments, venBio, Evotec and b2venture. This financing will support the completion of the Phase 1 clinical trial in healthy volunteers and prepare for the start of a subsequent Phase 2 clinical trial in adult and pediatric patients with TSC refractory epilepsy. "TSC is a genetic disorder of mTORC1 hyperactivation. We believe that our first-in-class CNS penetrant selective mTORC1 inhibitor, AV078, has the potential to be transformative for patients with TSC refractory epilepsy, a patient population in need of therapeutic options with better efficacy and tolerability. Beyond AV078, we believe that there is vast potential for our library of proprietary compounds in treating mTORC1-mediated rare and age-related diseases," said Allison Hulme, Ph.D., President and Chief Executive Officer, Aeovian Pharmaceuticals. "The entire Aeovian team welcomes Hevolution, and is thankful for the continued support and commitment of our existing investors as we move to this next exciting stage of the company's development." Dr. William Greene brings over 25 years of experience in leadership positions, which have included founder, biotechnology executive, investor, and clinician. As CEO, he built and led Iconic Therapeutics through discovery, clinical development, and venture financing, which culminated in a successful sale of the company. Dr. Greene spent 12 years at MPM Capital where he was a Managing Director and member of its Investment Committee, responsible for biotechnology and medical technology investments worldwide. He was also founding Chairman and head of the Investment Committee at the Global Health Investment Fund, a groundbreaking impact-oriented venture fund in collaboration with the Gates Foundation, which successfully scaled both investment returns and health impact simultaneously. Dr. Greene earned his BA from Wesleyan University and his MD from UCSF. He was a Robert Wood Johnson Clinical Scholar at Yale and a Howard Hughes Medical Institute Research Scholar at the US National Institutes of Health (NIH). Justin Gover brings 25 years of experience in leadership positions in the biotechnology industry. Mr. Gover served as founding CEO and as a director of GW Pharmaceuticals plc from the company's inception in 1999 until its sale to Jazz Pharmaceuticals plc for $7.2 billion in 2021. From 2018 to 2021, Mr. Gover served on the Board of Directors of the Biotechnology Innovation Organization (BIO). Mr. Gover currently serves on the Board of Directors for Xenon Pharmaceuticals, CURE Epilepsy and Rady Children's Institute for Genomic Medicine. Mr. Gover holds an M.B.A. from the INSEAD business school in France and a B.Sc. (Hons) from Bristol University, UK. "I am delighted to be joining the Aeovian Board at this exciting time as the company enters the clinic. I have a deep commitment to the epilepsy community and to patients with TSC and believe that AV078 has the potential to be a valuable new treatment option for this high need population," said Justin Gover. "I am impressed by the breadth of potential applications for Aeovian's science and by the caliber of the Aeovian team and look forward to contributing to the company's future." "On behalf of our Board of Directors, I am delighted to welcome William and Justin to our Board as they bring diverse and relevant experience from various leadership roles within the biotechnology industry and we look forward to their contributions as we navigate the company's next phase of growth," said Richard Gaster, M.D., Ph.D., Chairman of the Aeovian Board of Directors. Micah Zajic has been appointed Chief Financial Officer at Aeovian. Mr. Zajic brings nearly 20 years of experience in biotech corporate development, healthcare capital markets and investment banking to the company. Mr. Zajic most recently served as Chief Business Officer and Chief Financial Officer at LEXEO Therapeutics (NASDAQ). Prior to this he served as Chief Financial Officer of SQZ Biotechnologies (NYSE). He began his career at Morgan Stanley in the Global Capital Markets and Healthcare Investment Banking Groups, raising capital and executing strategic transactions for companies across the healthcare industry. In addition, Mr. Zajic worked in corporate development roles at Alexion Pharmaceuticals and MeiraGTx, focusing on the evaluation and execution of external partnerships, license agreements and acquisitions. About Aeovian Aeovian Pharmaceuticals is a clinical-stage biopharmaceutical company developing targeted and highly selective small molecules to restore cellular metabolic quality control, thereby addressing the dysregulated growth and hyperactive signaling found in certain rare genetic and age-related diseases. Our lead development candidate, AV078, is a first-in-class CNS penetrant selective mTORC1 inhibitor being developed for the treatment of TSC refractory epilepsy and is currently being evaluated in a Phase 1 trial. TSC is a rare genetic disorder caused by the hyperactive signaling of mTORC1. Beyond AV078, we have developed a proprietary library of small molecules, which are potent and selective inhibitors of either mTORC1 or CD38 and have the potential to precisely target the underlying biology of multiple rare and age-related diseases. For more information, please visit our website at . Contact: Micah Zajic Chief Financial Officer ir@aeovian.com

Lexeo extends runway into 2027 with private placement co-led by Braidwell LP and Adage Capital Partners LP with participation from new and existing investors including RA Capital Management, Surveyor Capital (a Citadel company), Eventide Asset Management, Novo Holdings A/S, Invus, Laurion Capital Management, Longitude Capital, Omega Funds and Woodline Partners LPNEW YORK, March 13, 2024 (GLOBE NEWSWIRE) -- Lexeo Therapeutics, Inc. (Nasdaq: LXEO), a clinical stage genetic medicine company dedicated to pioneering treatments for genetically defined cardiovascular diseases and APOE4-associated Alzheimer’s disease, today announced the closing of its previously announced private placement. The financing was co-led by Braidwell LP and Adage Capital Partners LP with participation from new and existing investors including RA Capital Management, Surveyor Capital (a Citadel company), Eventide Asset Management, Novo Holdings A/S, Invus, Laurion Capital Management, Longitude Capital, Omega Funds and Woodline Partners LP for total gross proceeds of approximately $95.0 million. Lexeo sold 6,278,905 shares of its common stock (“Common Stock”) in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), at a sale price equal to $15.13 per share. J.P. Morgan and Leerink Partners acted as co-lead placement agents for the transaction. Stifel also acted as co-placement agent. Lexeo intends to use net proceeds from the financing to fund advancement of ongoing clinical stage programs, and for working capital and general corporate purposes. The proceeds from this financing, combined with current cash, cash equivalents and marketable securities, are expected to fund operating and capital expenditures into 2027. The common stock sold in the private placement has not been registered under the Securities Act, or any state or other applicable jurisdiction’s securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions’ securities laws. In connection with the private placement, Lexeo and the investors entered into a registration rights agreement pursuant to which Lexeo will file a registration statement (the “Resale Registration Statement”) with the U.S. Securities and Exchange Commission (the “SEC”) registering the resale of the shares sold in the private placement. Any offering of the shares sold in the private placement under the Resale Registration Statement will only be made by means of a prospectus. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Company’s Common Stock, nor shall there be any offer, solicitation, or sale of the Company’s Common Stock in any jurisdiction in which such offer, solicitation or sale would be unlawful. The private placement was conducted in accordance with applicable Nasdaq rules and was priced to satisfy the “Minimum Price” requirement (as defined in the Nasdaq rules). About Lexeo Therapeutics Lexeo Therapeutics is a New York City-based, clinical stage genetic medicine company dedicated to transforming healthcare by applying pioneering science to fundamentally change how genetically defined cardiovascular diseases and APOE4-associated Alzheimer’s disease are treated. Using a stepwise development approach, Lexeo is leveraging early proof-of-concept functional and biomarker data to advance a pipeline of cardiovascular and APOE4-associated Alzheimer’s disease programs. Cautionary Note Regarding Forward-Looking StatementsCertain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, our expectations and plans regarding our current product candidates and programs, including statements regarding the anticipated use of proceeds from the private placement, the filing of a registration statement or final prospectus, as applicable, to register the resale of the shares of Common Stock issued and sold in the private placement, the Company’s anticipated cash runway, and other information that is not historical information. Words such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “develop,” “plan” or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While Lexeo believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements. These forward-looking statements are based upon current information available to the company as well as certain estimates and assumptions and are subject to various risks and uncertainties (including, without limitation, those set forth in Lexeo’s filings with the SEC), many of which are beyond the company’s control and subject to change. Actual results could be materially different from those indicated by such forward looking statements as a result of many factors, including but not limited to: risks and uncertainties related to global macroeconomic conditions and related volatility; expectations regarding the initiation, progress, and expected results of Lexeo’s preclinical studies, clinical trials and research and development programs; the unpredictable relationship between preclinical study results and clinical study results; delays in submission of regulatory filings or failure to receive regulatory approval; liquidity and capital resources, including the anticipated closing of the private placement and anticipated runway extension; and other risks and uncertainties identified in Lexeo’s Annual Report on Form 10-K for the annual period ended December 31, 2023, filed with the SEC on March 11, 2023, and subsequent future filings Lexeo may make with the SEC. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Lexeo claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. Lexeo expressly disclaims any obligation to update or alter any statements whether as a result of new information, future events or otherwise, except as required by law. Media Response:Janine Bogris (201) 245-6838 janine.bogris@inizioevoke.com Investor Response:Laurence Watts(619) 916-7620laurence@gilmartinir.com