HCW Biologics Inc. (NASDAQ: HCWB) priced an at-the-market private placement of 2,846,975 units to healthcare investors. The company raised approximately $4.0 million through the offering. Each unit is priced at $1.405. These units consist of one share of common stock at $1.28 and one warrant at $0.125. The warrants carry an exercise price of $1.28 per share and are exercisable immediately.
HCW Biologics will use the proceeds to fund clinical trials for its lead candidate, HCW9302. The capital will also advance IND-enabling studies for additional pipeline candidates.
Shares of HCWB declined roughly 4% to $2.33 following the news. The stock experienced minor profit-taking after a 129% surge during the previous trading session.