Note: This document has been translated from the Japanese original for reference purposes only.
In the event of any discrepancy between this translated document and the Japanese original,
the original shall prevail.

January 11 2024

NEWS RELEASE
Company name:

TMS Co., Ltd.

Name of representative: Takuro Wakabayashi
Chief Executive Officer(Securities code: 4891; Growth Market)

Notice of Strategic Alliance between TMS and JIXINGTMS Co., Ltd. (the “Company”) has entered into a strategic alliance (hereinafter referred to as
the "Partnership") with Ji Xing Pharmaceuticals Limited (Cayman Islands, Representative: Sandy
Mou, CEO, hereinafter referred to as "JIXING").
For details, please refer to the attached " TMS and JIXING Announce a Series of StrategicCollaborations ".
Investor and Media Contact:
ir@tms-japan.co.jp
EndTMS and JIXING Announce a Series of Strategic Collaborations
TMS enters into a strategic partnership with JIXING subsequent to the assignment of TMS-007
global rights from Biogen to JIXING. TMS regains Japan rights of TMS-007, a novelan�thrombo�c agent developed for the treatment of acute ischemic stroke (AIS), which willpoten�ally represent the ﬁrst AIS United States FDA approval in this class in over 25 years. Inaddi�on, TMS will receive an upfront payment of $5m in the form of JIXING equity, up to $12.5m
in development milestones, up to $355m commercial milestones, and �ered royal�es consistent
with the original Op�on Agreement. JIXING licenses exclusive Japan rights of JX09 to TMS, whichis poten�ally a best-in-class aldosterone synthesis inhibitor (ASI) for the treatment of resistant
and/or uncontrolled hypertension.

TMS to receive JPY 684m investment from RTW, suppor�ng the company’s strategy for growthwith an expanded cardio-renal pipeline anchored by advanced, validated programs.

TOKYO, SHANGHAI & NEW YORK, Jan 11th 2024 – TMS Co., Ltd. (TMS; TSE 4891) and Ji Xing
Pharmaceu�cals Limited (“JIXING”) announce that they have entered into a strategic partnership. Thepartnership is established subsequent to the assignment of an op�on agreement (the “Op�onAgreement”) from Biogen MA Inc. (“Biogen”) to JIXING, originally between TMS and Biogen, followedby an amendment immediately in eﬀect upon the assignment.
TMS and JIXING will form a collabora�ve partnership to develop TMS-007 globally, with TMS regaining
royalty-free Japan rights while JIXING will lead the development and commercializa�on of TMS-007
in the rest of the world. TMS and JIXING will join forces to expedi�ously develop and launch TMS-007
globally, facilitated by the forma�on of a Joint Development Commitee.
TMS-007 is a novel small molecule under development for AIS, aiming to become the ﬁrst U.S. FDA
approved pharmacologic agent for this indica�on in over 25 years. TMS-007 is a proposed novel dual
mechanism of ac�on, consis�ng of both thromboly�c and an�-inﬂammatory eﬀects. The Phase 2aclinical trial of TMS-007 conducted in Japan enrolled 90 AIS pa�ents within 12 hours a�er LKN (LastKnown Normal) who were not eligible for approved thromboly�cs or endovascular therapy. In theclinical trial, the pooled TMS-007 group achieved sta�s�cally signiﬁcant diﬀerence over the placebogroup on one of the most important eﬃcacy endpoints, the propor�on of pa�ents with a modiﬁedRankin Scale 0-1 (no or minimal symptoms) at Day 90. TMS-007 was well tolerated and notably did
not cause symptoma�c intracranial hemorrhage, which is one of the most serious adverse events forthromboly�c agents, in any of the 52 TMS-007 treated pa�ents.

Concurrently, JIXING licenses to TMS exclusive Japan rights of JX09. JX09 is an oral, novel, small
molecule, ASI in development for the treatment of resistant and/or uncontrolled hypertension byJIXING, which is planned to enter into a ﬁrst-in-human Phase 1 clinical trial in early 2024. JX09 has
demonstrated excellent aldosterone reduc�on ac�vity as well as a good safety proﬁle in preclinicalstudies, with best-in-class poten�al.
In addi�on, RTW invests JPY 684m to TMS at a share price of JPY 187. The share price was determinedby 5 Day VWAP. RTW, a preeminent global life science investment ﬁrm based in New York, created
JIXING in 2019, and has led subsequent mul�ple follow-on investment rounds in JIXING, and remains
the majority shareholder as of today.
Takuro Wakabayashi, CEO of TMS commented: “It is an exci�ng opportunity to accelerate thedevelopment of TMS-007 to deliver a poten�ally game-changing therapeu�c candidate forunderserved AIS pa�ents worldwide, together with JIXING and RTW. TMS team believes JIXING andRTW are the best partners to achieve this goal who have surprisingly agile and powerful drug
development capabili�es based on deep insight and respect to science. I am also thrilled to acquire
Japan rights of JX09, poten�ally a best-in-class ASI for resistant or uncontrolled hypertension andfurther for chronic kidney disease. The series of transac�ons brings TMS a solid founda�on to growas a biopharmaceu�cal company with mul�ple clinical assets as well as exci�ng preclinical programs.
I am also very thankful to Biogen for recognizing the poten�al of TMS-007 prior to the human-POC
and paving the way to bridge the then-local program to global development.”
Edmond Chen, MD, Chief Medical Officer of US/EU of JIXING, said: “We are excited to begin a seriesof strategic collaborations with TMS, which will enable world-wide development of TMS-007 andJX09, promising therapeutic candidates with the potential of transforming current clinical care.
Cardiovascular and cerebrovascular disease are the leading causes of death and disability in adults
world-wide, and in China, acute cerebral infarction is especially common and is associated withexcess mortality. We are hopeful that TMS-007 will significantly improve patient outcomes, with thepotential of ameliorating devastating neurological deficits and reducing mortality. In addition, welook forward to collaborating with TMS to advance the clinical development of JX09, a nextgeneration, highly selective aldosterone synthase inhibitor, a potential best-in-class drug candidate.”
Roderick Wong, MD, Managing Partner and Chief Investment Oﬃcer of RTW and Chairman of theBoard of Directors of JIXING commented: “We are pleased to support TMS in its mission to bringinnova�ve therapeu�cs to pa�ents with serious unmet medical needs. The collabora�on announced
today between JIXING and TMS represents an exci�ng milestone for both companies and, more

importantly, for pa�ents around the world impacted by cardiovascular disease.”
About TMSTMS is a Tokyo, Japan-based clinical-stage biopharmaceu�cal company focused on the discovery anddevelopment of innova�ve medicines for the treatment of serious diseases to address unmet medicalneeds. The Company’s pipeline consists of a family of small compounds called SMTPs (Stachybotrys
microspora triprenyl phenols) derived from a fungus. The lead pipeline compound, TMS-007, isindicated for the treatment of AIS, which demonstrated eﬃcacy and safety in the completed Phase
2a study in Japan. Another SMTP compound, TMS-008, is under development for acute kidney injury
and other poten�al indica�ons. In addi�on, the Company is exploring new pipeline products byfocusing on early-stage seeds from academic ins�tu�ons in Japan, with the inten�on to build a bridge
between academic discoveries and the global pharmaceu�cal market. For more informa�on aboutTMS, please visit htps://www.tms-japan.co.jp/.
About JIXINGJIXING is a biopharmaceu�cal company headquartered in Shanghai commited to bringing innova�vescience and medicines to underserved pa�ents with serious and life-threatening diseases in China
and around the world. Backed by RTW Investments, LP, JIXING was founded in 2019 and partners
with global biotechnology companies to develop and commercialize novel, innova�ve therapeu�csto treat unmet medical needs in cardiovascular and ophthalmic diseases. With a strong and furtherdeveloping asset pipeline, seasoned management team, and pa�ent-centric focus, JIXING isdedicated to delivering a meaningful and las�ng impact on pa�ents.
JIXING’s cardiovascular por�olio includes 3 assets in late-stage clinical development (aﬁcamten,etripamil, omecam�v mecarbil) and 1 in pre-clinical stage (JX09). JIXING's ophthalmology por�olio
includes 4 assets in late-stage clinical development (varenicline solu�on nasal spray/US brand name
TYRVAYA, OC-02 nasal spray, JX06/LNZ100, JX07/LNZ101) and 1 asset in pre-clinical stage (JX08). For
further informa�on about JIXING, please visit www.jixing.com .
Media Contact
Ji Xing Pharmaceu�cals
media@jixingbio.com

About RTW
RTW Investments, LP is a New York-based, global, full life-cycle investment ﬁrm that focuses oniden�fying transforma�onal and disrup�ve innova�ons across the biopharmaceu�cal and medicaltechnologies sectors. As a leading partner of industry and academia, RTW combines deep scien�ﬁcexper�se with a solu�on-oriented investment approach to support emerging medical therapies andthe companies and/or academics developing them.
For further informa�on about RTW, please visit www.rtwfunds.com.
Media Contact
Josh Baldwin
Jjgb@rtwfunds.com