HCW Biologics Secures $26.25 Million in Non-Dilutive Financing
HCW Biologics (Nasdaq: HCWB) has secured $26.25m in non-dilutive funding through a development line of credit agreement.
Dr. Hing C. Wong, Founder and CEO of HCW Biologics, said, “We now have the necessary funding for the mid-phase clinical development programs of our lead product candidate.”
Highlights
The five-year, non-amortizing loan, collateralized with real estate assets, provides project financing for the buildout of the Company’s new headquarters and manufacturing facility.
Funds formerly earmarked for this purpose will be redeployed for clinical development, including multiple Phase 2 clinical trials in cancer indications and and a Phase 1b clinical study in an autoimmune disease.
The financing provides HCW with a cash runway well into 2025.
About HCW Biologics
HCW Biologics is developing novel immunotherapies to lengthen healthspan by disrupting the link between chronic, low-grade inflammation, and age-related diseases, such as cancer, cardiovascular diseases, diabetes, neurodegenerative diseases, autoimmune diseases, as well as other conditions such as long-haul COVID-19. The Company has combined a deep understanding of disease-related immunology with its expertise in advanced protein engineering to develop the TOBI™ (Tissue factOr-Based fusIon) discovery platform. The Company uses its TOBI™ discovery platform to generate designer, novel multi-functional fusion molecules with immunotherapeutic properties. The invention of HCW Biologics’ two lead molecules, HCW9218 and HCW9302, was made via the TOBI™ discovery platform.
