HCW Biologics’ $56 Million IPO

Orrick Herrington & Sutcliffe advised HCW Biologics on the deal while Sheppard Mullin advised the underwriters.

HCW Biologics Inc. (NASDAQ:HCWB) has announced that it is launching an underwritten initial public offering of 7,000,000 shares of common stock. Initially valued at $8.00 per share, the IPO would generate approximately $56.0 million. That sum does not include underwriting discounts, commissions and other offering expenses.

The Miramar, Fla.–based preclinical-stage company specializes in immunotherapies that address chronic, low-grade inflammation and age-related diseases. It also has several experimental treatments for several cancers.

The company has developed a proprietary immunotherapeutic platform known as Tissue factOr-Based fusIon (TOBI) based on the tissue factor scaffold.

The company’s lead product candidate is HCW9218, a potential treatment that could minimize adverse events from chemotherapy.

In addition, HCW Biologics has granted the underwriters a 45-day option to purchase up to an additional 1,050,000 shares at the public offering price less the underwriting discounts and commissions. The offering is expected to close on or about July 22, 2021, subject to customary closing conditions.

EF Hutton, division of Benchmark Investments, LLC, is acting as sole book-running manager for the offering. Revere Securities LLC is acting as co-manager for the offering.

The Orrick team was led by Scott Iyama (Picture) and Bill Hughes and includes Jaryn Fields, Vinella Sido, Andrew Allen, Jason Flaherty, Karen Canon, Aubrey Refuerzo, Kevin Kearney, Jessica Kim, Valerie Guillard Hein and Ewa Mykytyn.

The Sheppard Mullin corporate team included partners Richard Friedman and Stephen Cohen, associate Taylor Ashton and law clerk Brett Uslaner. Partner Jing Liu provided advice on Intellectual Property matters, and Partner Allison Fulton provided advice on FDA Regulatory matters. Members of the Sheppard Mullin team are based in the New York, Del Mar, Los Angeles and Washington, D.C. offices.

Involved fees earner: Andrew Allen – Orrick Herrington & Sutcliffe LLP; Jaryn Fields – Orrick Herrington & Sutcliffe LLP; Jason Flaherty – Orrick Herrington & Sutcliffe LLP; Bill Hughes – Orrick Herrington & Sutcliffe LLP; Scott Iyama – Orrick Herrington & Sutcliffe LLP; Kevin Kearney – Orrick Herrington & Sutcliffe LLP; Jessica Kim – Orrick Herrington & Sutcliffe LLP; Aubrey Refuerzo – Orrick Herrington & Sutcliffe LLP; Vinella Sido – Orrick Herrington & Sutcliffe LLP; Taylor Ashton – Sheppard, Mullin, Richter & Hampton; Stephen Cohen – Sheppard, Mullin, Richter & Hampton; Richard Friedman – Sheppard, Mullin, Richter & Hampton; Allison Fulton – Sheppard, Mullin, Richter & Hampton; Jing Liu – Sheppard, Mullin, Richter & Hampton;

Law Firms: Orrick Herrington & Sutcliffe LLP; Sheppard, Mullin, Richter & Hampton;

Clients: Bridgeway Capital Management, LLC; EF Hutton; HCW Biologics; Revere Securities;

Martina Bellini

Author: Martina Bellini