HCW Biologics Inc. announced the pricing of a follow-on offering of an aggregate of 671,140 units at a purchase price of $7.45 per unit. Each unit consists of one share of common stock, or a pre-funded warrant, and two warrants, each to purchase one share of common stock.
The warrants included in the units will have an exercise price of $7.45 per share, will be immediately exercisable, and will expire on the five-year anniversary of their issuance. The gross proceeds from this offering are expected to be approximately $5.0 million.
The company intends to use the net proceeds to fund preclinical and clinical development, including trials for HCW9302, business development, identifying compounds for out-licensing, patent portfolio expansion, research and development, and general corporate purposes. Additionally, the exercise price of certain existing outstanding warrants for 167,925 shares was reduced from $41.20 to $7.45 per share.
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