HCW Biologics Reports Financial Results and Business Highlights for the Second Quarter of 2024

MIRAMAR, Fla., Aug. 14, 2024 (GLOBE NEWSWIRE) — HCW Biologics Inc. (the “Company” or “HCW Biologics”) (NASDAQ: HCWB), a clinical-stage biopharmaceutical company focused on discovering and developing novel immunotherapies to extend healthspan by disrupting the link between inflammation and age-related disease, today reported financial results and recent business highlights for the second quarter ended June 30, 2024.

Dr. Hing C. Wong, Founder and CEO of HCW Biologics, stated, “We recently achieved a significant milestone that has major implications for the future of our company. We successfully reached a settlement agreement for an arbitration that created an overhang that had hampered our progress for nearly two years. We wasted no time in launching our multifaceted financing plan, including a significant equity offering and a revitalized out-licensing program. We have a bright future ahead of us as we emerge with the TOBI platform and a strong portfolio of TOBI-based molecules, as well as several development-stage ideas that we consider “next generation” immunotherapeutics that leverage what we have learned from the human data readouts from the early stages of our clinical trials. We remain committed to developing immunotherapeutic drugs that target the reduction of senescent cells and the pro-inflammatory factors they secrete. Our focus remains on senescence-associated disorders, which are the most common age-related diseases, including cancer. We are also excited to advance HCW9302 to the clinic in the very near future to evaluate this drug in the treatment of autoimmune diseases through expansion of regulatory T cells.”