Werewolf Therapeutics, a preclinical biotech developing immune therapies for cancer, raised $120 million by offering an upsized 7.5 million shares at $16, the midpoint of the $15 to $17 range. The company originally planned to offer 6.3 million shares. At pricing, Werewolf Therapeutics commands a fully diluted market cap of $470 million.
The company's lead candidates, WTX-124 and WTX-330, are molecules designed to selectively activate an immune response in the tumor microenvironment. The company plans to file INDs with the FDA for both programs in the 1H22, after which it plans to conduct Phase 1/1b trials in patients with multiple tumor types both as standalone treatments and in combination with an immune checkpoint inhibitor.
Werewolf Therapeutics plans to list on the Nasdaq under the symbol HOWL. Jefferies, SVB Leerink and Evercore ISI acted as lead managers on the deal.
