HCW Biologics Secures $26.25 Million Non-Dilutive Financing With Asset-Backed Development Loan
Summary
Provides funding for buildout of new headquarters and manufacturing facilityMIRAMAR, Fla., April 27, 2023 (GLOBE NEWSWIRE) --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. 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. 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 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). 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.