Werewolf Therapeutics Completes $72 Million Series B Financing to Advance a Novel Class of Cancer Biotherapeutics to the Clinic

Werewolf Therapeutics, Inc., an oncology biotherapeutics company advancing a pipeline of next-generation, transformative cancer treatments, today announced the completion of its $72 million Series B financing. The proceeds from the Series B financing will advance Werewolf's lead INDUKINE™ product candidates, WTX-124 (interleukin-2, or IL-2) and WTX-330 (interleukin-12, or IL-12) through Phase 1 clinical proof-of-concept studies, and progress additional programs to Investigational New Drug application-readiness. INDUKINE™ molecules are a novel class of systemically delivered, conditionally activated proinflammatory immune modulators. The financing was led by RA Capital Management and joined by new investors Deerfield Management, HBM Healthcare Investments, Soleus Capital, Adage Capital, Sphera Healthcare and CaaS Capital. Also participating in the financing were Werewolf's Series A investors including MPM Capital, Longwood Fund, Taiho Ventures, Arkin Bio Ventures, UPMC Enterprises and DC Investment Partners. In connection with the closing of the financing, Derek DiRocco, Ph.D. of RA Capital Management and Elise Wang of Deerfield Management joined the Board of Directors of Werewolf. Werewolf is developing treatments, administered as monotherapy or in combination with other therapies such as checkpoint inhibitors, designed to enhance the body's immune response to cancer. These treatments leverage well-validated and emerging proinflammatory immunomodulators, including cytokines such as IL-2, IL-12 and IFNα, that have been challenging to develop as systemically delivered therapeutics due to toxicities associated with exposure to normal, non-tumor tissue. The company uses its proprietary PREDATOR™ protein engineering platform to create conditionally activated proinflammatory INDUKINE™ molecules that can be systemically administered in an inactive form. Upon entering the tumor microenvironment, the INDUKINE™ molecules are selectively activated to deliver the full biological potency of cytokines and to recruit a powerful anti-tumor immune response for maximum therapeutic potential, while minimizing unwanted off-target effects in non-tumor tissue. In preclinical studies, Werewolf's lead product candidates exhibited anti-tumor activity and favorable pharmacokinetic and safety profiles. The company was founded through an initial investment by MPM Capital, which also co-led with Longwood Fund the Company's $56 million Series A financing. About Werewolf Therapeutics, Inc. Werewolf Therapeutics, Inc. is an oncology biotherapeutics company advancing a pipeline of next-generation, transformative cancer treatments designed to focus the body's immune response to selectively target cancer. Werewolf's proprietary PREDATOR™ protein engineering platform combines a variety of approaches to actively silence the drug while in systemic circulation, optimize its pharmacokinetic profile, and rapidly and efficiently transform into the fully active state upon reaching the tumor microenvironment for maximum therapeutic potential. Werewolf is creating a new era of tumor-selective, systemically delivered drugs with the potential to deliver more effective, less toxic treatments for people with cancer. To learn more visit www.werewolftx.com.
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