08:17 AM EST, 02/03/2025 (MT Newswires) -- HCW Biologics ( HCWB ) shares were sharply higher in Monday's premarket session after it said it received US Food and Drug Administration clearance to launch a phase 1 trial to evaluate HCW9302 for the treatment of moderate-to-severe alopecia areata.

The company said the goal of the trial is to determine a safe dose of HCW9302 that effectively increases regulatory T cell activity in patients.

"Once we achieve this objective, we will rapidly expand clinical development of HCW9302 in phase 2 studies in patients with other autoimmune diseases and inflammatory conditions," Chief Executive Hing Wong said.