HCW Biologics announced the pricing of a $6.9 million registered direct offering to certain institutional investors. According to the company, the offering includes approximately 2.2 million shares of common stock and warrants to purchase up to an additional 1.1 million shares.
The company said the combined purchase price for each share and accompanying warrant was $3.10. Warrants have an exercise price of $3.10 per share, are exercisable immediately, and will expire five years from the issuance date.
According to the company, gross proceeds before deducting fees and expenses are expected to total approximately $6.9 million. HCW Biologics claims it plans to use the funds to support clinical trials and ongoing research into its pipeline of immunotherapies targeting cancer and age-related diseases.
The offering is expected to close on or about June 24, 2024, subject to customary closing conditions. HCW Biologics focuses on developing therapies designed to enhance the immune system’s response to chronic inflammation and tumor growth.
The company said it aims to advance lead candidates through clinical development and expand research targeting immune system dysregulation associated with aging and disease.
