HCW Biologics prices $1.6M private placement with insiders

HCW Biologics Inc. (NASDAQ: HCWB), a clinical-stage biopharmaceutical company based in Miramar, Fla., announced the pricing of a $1.6 million private placement offering with a group of investors that includes company officers, directors, and an existing stockholder.

The company agreed to issue and sell 618,682 units at a combined purchase price of $2.585 per unit. Each unit consists of one share of common stock, or a pre-funded warrant in lieu thereof, and the right to receive one common stock purchase warrant upon stockholder approval. At closing, the company will issue 218,682 shares of common stock and 400,000 pre-funded warrants.

The common warrants, subject to stockholder approval, will cover up to 618,682 shares of common stock, carry an exercise price of $2.585 per share, and expire 5.5 years from issuance. The pre-funded warrants carry an exercise price of $0.0001 per share and are exercisable immediately with no expiration until exercised in full.

Participants in the offering include Hing C. Wong, Ph.D., founder and chief executive officer; Scott Garrett, chairman of the board; and Lee Flowers, senior vice president of business development, each on the same terms as other investors.

The closing was expected to occur on or about July 29, 2026, subject to customary closing conditions. The company said it intends to use net proceeds to continue clinical trials for HCW9302, advance IND-enabling studies for its T-cell engager HCW11-018b and its second-generation immune checkpoint inhibitor HCW11-040, and for general corporate purposes.

The company also entered into a registration rights agreement, committing to file a Form S-1 registration statement with the U.S. Securities and Exchange Commission within 15 trading days of closing, with efforts to obtain SEC effectiveness within 60 days.

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