UPMC Enterprises portfolio company developing immunotherapy treatments for cancer raises $120 million in IPO
Werewolf Therapeutics, a biopharmaceutical company pioneering the development of therapeutics to stimulate the body’s immune system for the treatment of cancer, debuted on public stock markets April 30.
The company, trading on the Nasdaq exchange under the ticker symbol HOWL, listed an initial public offering (IPO) of 7.5 million shares of its common stock at $16 per share. Werewolf has said gross proceeds of $120 million from the IPO would be used to continue advancing its pipeline of next-generation, transformative cancer treatments designed to focus the body’s immune response to selectively target cancer.
Werewolf’s technology is designed to unleash proinflammatory mechanisms on tumors while preventing unwanted side effects on non-target tissue. The company creates systemically delivered targeted therapies that address the limitations of immuno-oncology.
UPMC Enterprises became an investor in Werewolf in late 2019, joining the company’s $56 million Series A funding round. Enterprises also participated in Werewolf’s $72 million Series B round in January 2021.
“UPMC invests in life changing medicine that can truly have a positive impact on the patient. That’s the potential we see in Werewolf and why we are excited for our partnership to continue well into the future as the company further develops these important and novel treatments for cancer,” said Jeanne Cunicelli, President of UPMC Enterprises.
Werewolf was among the first investments by Enterprises’ Translational Sciences team external to its partnership with the University of Pittsburgh. After initially focusing on spinning out companies based on Pitt research discoveries, which continues, the team has expanded its focus to partner with investors, scientists, and entrepreneurs from around the world to ensure that the most innovative science is brought forward to address the greatest clinical needs.
UPMC announced in January 2020 that it was committing $1 billion for life sciences investing through the Translational Sciences team.
Learn more about Translational Sciences at UPMC Enterprises.
