MIRAMAR, Fla., Nov. 18, 2024 (GLOBE NEWSWIRE) — HCW Biologics Inc. (HCWB or HCW Biologics), (NASDAQ: HCWB), a US-based clinical-stage biopharmaceutical company focused on the discovery and development of novel immunotherapies. Prolong health by eliminating inflammation and aging. The Company announced today that it has entered into a securities purchase agreement with a single institutional investor to purchase 6,717,000 shares (or pre-funded warrants thereof) at an above-market price under Nasdaq rules. In a registered direct offer of In a concurrent private placement, the Company also agreed to issue unregistered warrants to purchase an aggregate of 6,717,000 shares of common stock. The combined effective offering price for each share of common stock (or pre-funded warrant in lieu thereof) and the accompanying warrants is $1.03. The warrants will have an exercise price of $1.03 per share, will be exercisable immediately, and will expire on the five-year anniversary of the date of issuance.
The aggregate proceeds to the Company from the registered direct offering and the concurrent private placement are estimated to be approximately $6.9 million before deducting placement agent fees and other offering expenses payable by the Company. The offering is expected to close on or about November 20, 2024, subject to the satisfaction of customary closing conditions.
Maxim Group LLC is acting as sole placement agent in connection with the offering.
The shares of common stock (or pre-funded warrants therefor) are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-266991), which has been declared effective by the U.S. Securities and Exchange Commission. SEC) on August 26, 2022. The offering of shares of common stock (or pre-funded warrants therefor) will be made only by means of a prospectus supplement that forms a part of such registration statement. The warrants to be issued in the concurrent private placement and the shares issuable upon the exercise of such warrants were offered in the private placement pursuant to section 4(a)(2) of the Securities Act of 1933, as amended (the Act) and Regulation. D has been issued hereunder and has not been registered under the Act or applicable state securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of these securities in any jurisdiction in which such offer prior to registration or qualification under the securities, Solicitation or sale shall be illegal. laws of such jurisdiction. A prospectus supplement relating to shares of common stock and pre-funded warrants will be filed by the Company with the SEC. When available, copies of the prospectus supplement relating to the registered direct offering, together with the accompanying prospectus, may be obtained at the SEC’s website at www.sec.gov or from Maxim Group LLC, 300 Park Avenue, New York, NY 10022. can go Attention: Syndicate Department, or by email at syndicate@maximgrp.com or by telephone at (212) 895-3500.
About HCW Biology:
HCW Biologics is a clinical-stage biopharmaceutical company focused on prolonging health by addressing the link between chronic, low-grade inflammation, and age-related diseases such as cancer, cardiovascular, diabetes, neurodegenerative, and autoimmune diseases. Focuses on the discovery and development of novel immunotherapies for lengthening. , as well as other exacerbating conditions such as long-term travel with COVID-19. The company has combined its deep understanding of disease-related immunology with its expertise in advanced protein engineering to develop two drug discovery platforms, each with a novel backbone called a designer, novel multifunctional fusion molecule. Used to make The company’s legacy drug discovery platform is its TOBI™ (tissue factor-based fusion) discovery platform, which has a tissue factor-based backbone. It was used to create the HCW Biologics molecule: HCW9218, HCW9302, HCW9206 and HCW9201. The company’s second drug discovery platform uses a unique protein-based backbone that differs from tissue factor. The immunotherapeutics built with the company’s two distinct drug discovery platforms have different properties and mechanisms of action, spanning different treatment pathways for senescence-associated disorders. University of Pittsburgh Medical (TASE:) Center (UPMC) has agreed to include HCW9218 in an investigator-sponsored Phase 2 clinical trial to evaluate patients with metastatic, advanced-stage ovarian cancer in combination with neoadjuvant chemotherapy (NCT05145569). could
Forward-Looking Statements
The statements in this press release contain forward-looking statements that are subject to substantial risks and uncertainties. These statements are made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release may be identified by the use of words such as expect, expect, believe, will, could, should. , estimate, project, outlook, forecast or other similar words and include, statements at the closing of the offering and satisfaction terms at closing and the use of proceeds in the offering, of the Company’s non-oncology or oncology indications. the potential to develop new immunotherapeutic treatments for; the capabilities of the Company’s new platform and the effectiveness of new fusion proteins developed using the new platform; Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. In addition, certain forward-looking statements are based on assumptions about future events that may not prove to be correct. Factors that could cause actual results to differ include those risks and uncertainties described in the Annual Report on Form 10-K/A filed with the United States Securities and Exchange Commission Risk Factors are described in the section entitled SEC) on May 15, 2024, the most recent Form 10-Q filed with the SEC on November 14, 2024, and other filings filed with the SEC from time to time. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update such information except as required by applicable law.
Company Contact:
Rebecca Beam
Chief Financial Officer
HCW Biologics Inc.
RebeccaByam@hcwbiologics.com
Source: HCW Biologics, Inc
