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MIRAMAR, Fla. - HCW Biologics Inc. (NASDAQ:HCWB), a clinical-stage biopharmaceutical company with a current market capitalization of $7.6 million, has regained compliance with all Nasdaq Capital Market listing requirements, the company announced Thursday.
The company received formal notice from Nasdaq on Monday confirming it had satisfied the minimum stockholders’ equity requirement under Nasdaq Listing Rule 5550(b)(1).
This follows a May 13 notification that HCW Biologics had already regained compliance with three other Nasdaq requirements: the minimum bid price, public float, and market value of publicly held shares.
"The Company now meets all Nasdaq Capital Market listing requirements for continued listing, and these matters are closed," HCW Biologics stated in a press release.
HCW Biologics focuses on developing immunotherapies that target chronic inflammation and disease. The company’s lead product candidate is HCW9302, developed using its TOBI platform. The firm has also created a separate drug discovery technology called the TRBC platform. The company’s development efforts come amid challenging market conditions, with the stock down 85% over the past year. InvestingPro analysis reveals 10+ additional insights about the company’s financial position and market performance.
According to the company, the TRBC platform can construct immunotherapeutics that activate immune responses while targeting cancerous or infected cells. HCW Biologics reports it has developed over 50 molecules using this platform, with several currently undergoing preclinical evaluation.
The company describes its immunotherapeutics as representing a new class of drugs aimed at treating diseases promoted by chronic inflammation, including age-related and senescence-associated conditions.
In other recent news, HCW Biologics Inc. has finalized a licensing agreement with WY Biotech Co., Ltd. for its novel immunotherapy molecule, HCW11-006. This agreement includes a $7 million upfront payment to HCW Biologics, with potential for further milestone payments and royalties. In another development, HCW Biologics presented promising findings on HCW9206, a fusion protein that could enhance the efficacy and reduce costs of CAR-T therapies, at a recent immunology conference. The company has also faced legal challenges, as BE&K Building Group, LLC has filed a lawsuit alleging breach of contract related to the construction of HCW Biologics’ new facilities. Additionally, HCW Biologics has entered agreements with Square Gate Capital Master Fund, LLC and filed a registration statement with the SEC, which was not reviewed but is expected to facilitate the resale of shares. The company’s Board of Directors approved a 1-for-40 reverse stock split to meet Nasdaq’s listing requirements, reducing the number of outstanding shares significantly. These developments reflect HCW Biologics’ active engagement in partnerships, legal matters, and compliance efforts.
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