HCW Biologics announced the pricing of a $50 million follow-on public offering consisting of over 16 million shares of common stock at $3.10 per share. According to the company, the offering also includes pre-funded warrants to purchase more than 11 million shares at $3.099 per warrant.
The company said gross proceeds from the offering are expected to total approximately $50 million before deducting underwriting discounts and expenses. HCW Biologics claims it plans to use the funds to advance its pipeline of immunotherapies targeting inflammation and age-related diseases.
According to the company, the offering is set to close on or about June 21, 2024, subject to customary closing conditions. HCW Biologics also granted underwriters a 30-day option to purchase up to an additional 4 million shares of common stock.
The company claims proceeds will help support ongoing clinical trials and preclinical research, as well as general corporate purposes. HCW Biologics focuses on developing therapies designed to stimulate the immune system to treat cancer and chronic inflammatory conditions.
The company said it remains committed to progressing its lead candidates through clinical development and expanding research into new therapeutic areas targeting age-related immune dysfunction.
