Street Calls of the Week
MIRAMAR, Fla. - Wugen, Inc., a biotechnology company developing off-the-shelf cell therapies, has raised $115 million in equity financing led by Fidelity Management & Research Company, according to a press release issued Thursday.
The funding round included participation from several investment firms including RiverVest Venture Partners, Lightchain Capital, Abingworth, ICG, LYZZ Capital, Tybourne Capital Management, and Aisling Capital Management.
HCW Biologics Inc. (NASDAQ:HCWB), which holds a minority equity stake in Wugen, noted that its interest stems from a 2020 exclusive license agreement. HCW Biologics has recognized $16.2 million in revenues from this agreement, derived from an upfront license fee paid in cash and Wugen common stock, as well as product sales for clinical materials.
St. Louis-based Wugen focuses on developing allogeneic therapies derived from healthy donor cells that are engineered to target tumor activity. The company’s work centers on addressing unmet needs in hematologic malignancies through its proprietary CAR-T platform.
"As a shareholder of Wugen, we are excited to see a high-quality syndicate of institutional investors support Wugen’s continued development of their next generation of allogeneic, off-the-shelf CAR-T cell therapies," said Dr. Hing C. Wong, Founder and CEO of HCW Biologics.
Wugen’s U.S.-based manufacturing is designed for scale and consistency to enable rapid deployment of therapies to patients.
In other recent news, HCW Biologics Inc. has announced the successful development of a second-generation immune checkpoint inhibitor, which has shown improved effectiveness against solid tumors, particularly pancreatic and ovarian cancers, in preclinical studies. The company’s novel therapy, developed using its proprietary TRBC platform technology, aims to enhance the response rates of current immune checkpoint inhibitors. In another development, HCW Biologics reported that Armistice Capital Master Fund Ltd. has fully exercised its pre-funded warrants to purchase shares of the company’s common stock, completing the transaction initially outlined in a Securities Purchase Agreement.
Additionally, HCW Biologics received a delisting notice from Nasdaq due to non-compliance with the Equity Rule but plans to request a hearing to address the situation. The company is exploring options to regain compliance with Nasdaq’s listing requirements. Meanwhile, HCW Biologics and WY Biotech Co., Ltd. are negotiating potential revisions to their license agreement after WY Biotech indicated it might not meet the deadline for a $7 million upfront license fee. These developments highlight significant activities and strategic adjustments within HCW Biologics as it navigates its business and regulatory landscape.
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