HCW Biologics, a Phase 2 biotech developing novel immunotherapies for cancer, raised $56 million by offering 7.0 million shares at $8, the low end of the range of $8 to $10. The company had originally planned to raise $50 million, but upsized the share offering by 25%.
Directors and existing shareholders, including CEO, CFO, and CSO, had indicated an interest in purchasing up to $11.3 million worth of shares on the deal, or 20% of the deal.
HCW is developing novel immunotherapies that disrupt the link between chronic, low-grade inflammation and age-related diseases. Its gateway indication is oncology, and it expects to have four active trials to evaluate its molecules for cancer indications by the end of 2021. The company's molecule HCW9201 is currently being evaluated for generation of memory-like NK cell products in two ongoing Phase 2 trials for relapsed/refractory acute myeloid leukemia, with preliminary data expected in the 2H21.
The Miramar, FL-based company plans to list on the Nasdaq under the symbol HCWB. EF Hutton acted as sole bookrunner on the deal.
