Business
Werewolf Therapeutics Reports Second Quarter 2021 Financial Results and Business Update
CAMBRIDGE, Mass., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Werewolf Therapeutics, Inc. (the “Company” or “Werewolf”) (Nasdaq: HOWL), an innovative biopharmaceutical
About this update from Werewolf Therapeutics, Inc.
[{"type":"text","content":"CAMBRIDGE, Mass., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Werewolf Therapeutics, Inc. (the “Company” or “Werewolf”) (Nasdaq: HOWL), an innovative biopharmaceutical company pioneering the development of conditionally activated therapeutics engineered to stimulate the body’s immune system for the treatment of cancer, today provided a business update and reported financial results for the quarter ended June 30, 2021. “We continue to advance our immuno-oncology R&D organization by adding further expertise with a new Chief Technology Officer and Board member,” said Daniel J. Hicklin, Ph.D., President and Chief Executive Officer of Werewolf. “Following the successful completion of our IPO in early May, we believe we are well-capitalized to deliver on upcoming key milestones such as filing INDs for our two lead INDUKINE™ product candidates, WTX-124 and WTX-330, and furthering our efforts towards a safer and highly effective alternative to existing cancer treatments.” Completed Successful Initial Public Offering: Werewolf completed its initial public offering (“IPO”) in May 2021. In connection with the offering, the Company issued and sold 7,500,000 shares of common stock at a public offering price of $16.00 per share, resulting in net proceeds of approximately $109.2 million. Strengthened leadership team: Werewolf appointed Chulani Karunatilake, Ph.D. as Chief Technology Officer in June 2021. Bringing more than 30 years of experience in chemistry and manufacturing process and strategy development, Dr. Karunatilake oversees manufacturing operations in the newly established role. Added expertise to the Board of Directors: Werewolf appointed Mike Sherman as a member of the Board of Directors in May 2021. Currently the Chief Executive Officer of Chimerix, Inc., Mr. Sherman brings more than 30 years’ experience advancing therapeutics to commercial launch and driving companies to successful operations and strategic transactions. Added to Russell 2000® Index: Werewolf was added to the Russell 2000® Index at the conclusion of the Russell US Indexes annual reconstitution in late June 2021. Second Quarter 2021 Financial Highlights Cash position: As of June 30, 2021, cash and cash equivalents increased to $183.2 million, compared to $92.6 million as of December 31, 2020. The increase was primarily due to the receipt of $109.2 million in net proceeds fr...