Bicycle Therapeutics Strengthens Executive Team with Key Changes

Peter Leone Appointed Chief Business Officer

Lee Kalowski, Chief Financial Officer, Promoted to U.S. President

, a biotechnology company pioneering a new class of
therapeutics based on its proprietary bicyclic peptide (Bicycle®)
product platform, today announced several key changes to its executive
team, including the appointment of Peter B. Leone as Chief Business
Officer and the promotion of Lee Kalowski, Chief Financial Officer, to
the role of U.S. President.

Mr. Leone brings extensive business leadership and investment experience
in healthcare and other industries to Bicycle, most recently leading
business development at Arrowhead Pharmaceuticals. Mr. Kalowski will
assume additional operational responsibilities leading Bicycle’s U.S.
subsidiary in his new role as President and will continue to lead the
finance organization as Chief Financial Officer.

“The proprietary bicycle platform provides significant opportunity to
create novel therapeutics across multiple disease areas. We are excited
to welcome Pete to the Bicycle team, and we look forward to benefiting
from his expertise in guiding the company in its ambition to deliver the
full potential of this technology to patients,” said Kevin Lee, Ph.D.,
Chief Executive Officer of Bicycle Therapeutics. “We are also delighted
to recognize Lee’s growing leadership responsibilities. Both colleagues
play a key role as we accelerate toward the development of an entirely
new class of medicines with the potential to transform human health.”

The Company also announced today that Rosamond Deegan, former President
and Chief Business Officer, has stepped down from the company to pursue
another executive leadership position in biotech. Dr. Lee added: “I
would like to thank Ros for her many contributions to Bicycle’s success
over the past three years. We wish her well in her future endeavors.”

Peter Leone leads Bicycle’s business development efforts. Most
recently, he was the Vice President of Strategic Business Initiatives at
Arrowhead Pharmaceuticals, where he led a $3.7 billion deal with Janssen
Pharmaceuticals that included $250 million in upfront cash and equity at
a premium. He has also served as the Chief Operating Officer at Alvos
Therapeutics. Before that, Mr. Leone was founding CEO or COO at three
venture-backed companies, including Mersana Therapeutics, where he
focused on raising capital and building the company’s platform
technology and product pipeline. Mr. Leone has built several companies
from inception to major milestones, including validating deals, INDs,
clinical development, FDA clearance, payer contracting and revenues. Mr.
Leone holds an A.B. in engineering science with pre-medical studies from
Dartmouth College and an MBA from the Stanford University Graduate
School of Business.

Lee Kalowski joined Bicycle as Chief Financial Officer in July
2017. Prior to joining Bicycle, Mr. Kalowski served as the Chief
Financial Officer of Tokai Pharmaceuticals, Inc., where he helped lead
the company’s $105 million initial public offering in 2014. Previously,
he was Vice President, global biotechnology equity research at Credit
Suisse, where he served as a senior research analyst covering the
biotechnology sector. Before that, he worked in mergers and acquisitions
in the pharmaceutical division of Johnson & Johnson and in global
pharmaceutical equity research at Sanford C. Bernstein and Prudential
Equity Group. Mr. Kalowski received a B.A. in biology and economics from
Union College and an MBA from The Wharton School of the University of

About Bicycle Therapeutics

Bicycle Therapeutics is developing a unique class of chemically
synthesised medicines based on its proprietary bicyclic peptide (Bicycle®)
product platform to address therapeutic needs unreachable with existing
treatment modalities. Bicycle’s internal focus is in oncology, where the
company is developing targeted cytotoxics (Bicycle Toxin Conjugates®),
targeted innate immune activators and T-cell modulators for cancers of
high unmet medical need. Bicycles’ small size and
highly selective targeting deliver rapid tumour penetration and
retention while clearance rates and routes of elimination can be tuned
to minimise exposure of healthy tissue and bystander toxicities. The
company’s lead program, BT1718, is being evaluated in a Phase I/IIa
trial in collaboration with Cancer Research UK. The company’s unique
intellectual property is based on the work initiated at the MRC
Laboratory of Molecular Biology in Cambridge, U.K., by the scientific
founders of the company, Sir Greg Winter, a winner of the Nobel Prize in
Chemistry for his pioneering work in phage display of
peptides and antibodies, and Professor Christian Heinis. Bicycle has its
headquarters in Cambridge, U.K., with many key functions and members of
its leadership team located in the biotech hub of Boston, Mass. For more
information, visit or
follow us on Twitter at @Bicycle_tx.


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