HCW Biologics Secures $26.25 Million Non-Dilutive Financing With Asset-Backed Development Loan
27 Abril 2023 - 8:40AM
HCW Biologics Inc. (the “Company” or “HCW Biologics”) (NASDAQ:
HCWB), a clinical-stage biopharmaceutical company focused on
discovering and developing novel immunotherapies to lengthen
healthspan by disrupting the link between inflammation and
age-related diseases, entered into a $26.25 million development
line of credit agreement on April 21, 2023. This 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 to
continue to evaluate HCW9218, the Company’s injectable,
bifunctional fusion protein molecule for reduction of senescence;
and a Phase 1b clinical study in an autoimmune disease to evaluate
HCW9302, the Company’s injectable, IL-2-based fusion compound.
Dr. Hing C. Wong, Founder and CEO of HCW
Biologics, described the significance of this transaction by
stating, “This financing provides us with a cash runway well into
2025 and the ability to continue to execute our strategy on
multiple levels. Establishing our own manufacturing capability to
support the Company’s and our commercial partners’ clinical
development has been a cornerstone of our strategy since the
beginning.” He continued, “With this financing, we now have the
necessary funding for the mid-phase clinical development programs
of our lead product candidate without going to the equity markets
for capital during a time when market conditions are not favorable
– especially for biotech.”
Additional details of the development line of credit agreement
are filed with the Securities and Exchange Commission on a Current
Report on Form 8-K.
About HCW Biologics:HCW
Biologics is a clinical-stage biopharmaceutical company focused on
discovering and 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. The Masonic Cancer Center, University
of Minnesota, has initiated a Phase 1 clinical trial to evaluate
HCW9218 in chemo-refractory/chemo-resistant solid tumors that have
progressed after prior chemotherapies (Clinicaltrials.gov:
NCT05322408). The Company is also enrolling patients in a
Company-sponsored Phase 1b/2 clinical trial to evaluate HCW9218 in
chemo-refractory/chemo-resistant advanced pancreatic cancer
(Clinicaltrials.gov: NCT05304936). The Company’s lead molecule for
its regulatory T cell expansion program, HCW9302, is currently
undergoing IND-enabling studies for an autoimmune indication.
Forward Looking
Statements: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 U.S. 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 “anticipate,”
“expect,” “believe,” “will,” “may,” “should,” “estimate,”
“project,” “outlook,” “forecast” or other similar words and
include, without limitation, statements regarding the ability of
HCW9218 to reduce senescence; the ability of HCW9218 to treat
cancer; the Company’s capital requirements and the need for
additional financing, including its cash runway extending into
2025; successful completion of negotiations for, and timing of,
Phase 2 trials to evaluate HCW9218; certain financing as the best
return for investors; the timing of phase 1b studies for HCW9302;
and the ability of HCW9302 to treat autoimmune diseases.
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. Further, certain
forward-looking statements are based on assumptions as to future
events that may not prove to be accurate. in the annual report on
Form 10-K filed with the United States Securities and Exchange
Commission (the “SEC”) on March 28, 2023 and in other filings filed
from time to time with the SEC. Forward-looking statements
contained in this press release are made as of this date, and the
Company undertakes no duty to update such information except as
required under applicable law.
Company Contact:Rebecca
ByamCFOHCW Biologics Inc.rebeccabyam@hcwbiologics.com
HCW Biologics (NASDAQ:HCWB)
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