HCW Biologics, a Phase 2 biotech developing novel immunotherapies for cancer, announced terms for its IPO on Wednesday.
The Miramar, FL-based company plans to raise $50 million by offering 5.6 million shares at a price range of $8 to $10. At the midpoint of the proposed range, HCW Biologics would command a fully diluted market value of $314 million.
HCW is focused on discovering and developing novel immunotherapies to lengthen health span by disrupting the link between chronic, low-grade inflammation, and age-related diseases. Its gateway indication is oncology, and it expects to have four active trials to evaluate its molecules for cancer indications by the end of 2021. The company's molecule HCW9201 is currently being evaluated for generation of memory-like NK cell products in two ongoing Phase 2 trials for relapsed/refractory acute myeloid leukemia, with preliminary data expected in the 2H21.
HCW Biologics was founded in 2018 and plans to list on the Nasdaq under the symbol HCWB. EF Hutton is the sole bookrunner on the deal. It is expected to price during the week of July 31, 2021.
