Business
Exicure Announces $5 Million Raise in Private Placement Transaction Priced at Market Premium
Proceeds expected to support Exicure’s continued advancement of preclinical candidates including its SCN9A product candidate, a non-opioid pain analgesic The
About this update from Exicure, Inc.
[{"type":"text","content":"\n\nProceeds expected to support Exicure’s continued advancement of preclinical candidates including its SCN9A product candidate, a non-opioid pain analgesic\n\n\n\nThe private placement is being led by a subsidiary of CBI Co., Ltd. (“CBI”), a member of a leading investment group in South Korea focusing on science-based companies in South Korea and the United States\n\n\n CHICAGO--(BUSINESS WIRE)--\nExicure, Inc.® (NASDAQ:XCUR), an early-stage biotechnology company focused on the development of next generation nucleic acid therapies targeting RNA to address both genetic and non-genetic neurological disorders and hair loss disorders, today announced that it has agreed to sell an aggregate of 26,021,111 shares of its common stock at a purchase price of $0.1937 per share to certain accredited investors in a private placement in public equity (“PIPE”) financing. The purchase price of $0.1937 per share of common stock represents an approximately 45% premium to the 10-day volume weighted-average share price from May 9, 2022. Exicure anticipates that the gross proceeds from the PIPE will be approximately $5 million, before deducting transaction-related expenses payable by the Company. The Company intends to use the net proceeds from this offering to support the development of the advancement of its preclinical program, including the development of its SCN9A product candidate, as well as other working capital and general corporate purposes.\n\nThe financing is being led by new investor CBI USA, Inc., a subsidiary of CBI, and includes participation from existing investor, Abingworth LLP. The closing of the private placement is expected to occur on or about May 19, 2022, subject to the satisfaction of customary closing conditions.\n\nIn connection with the PIPE, CBI USA received the right to nominate a member to Exicure’s board of directors, effective as of the closing date. CBI USA will also have the right to designate one individual to attend all meetings of the Board in a nonvoting observer capacity.\n\nLeonard Lee, CEO of Growth & Value Development Inc, a leading shareholder of CBI said, “We are impressed with the management, scientists and spherical nucleic acid (SNATM) technology at Exicure and believe there is untapped value at the company. We are excited about Exicure’s current partnered programs and believe there is additional up...