Business
Exicure, Inc. Announces Results of Internal Investigation and Implementation of Strategic Measures to Reduce Cash Burn and Prioritize Pipeline Focus
– Exicure will reduce its workforce by approximately 50%, along with the implementation of other cost-cutting measures – – Company to wind down
About this update from Exicure, Inc.
[{"type":"text","content":"\n– Exicure will reduce its workforce by approximately 50%, along with the implementation of other cost-cutting measures –\n\n– Company to wind down immuno-oncology program cavrotolimod (AST-008) and XCUR-FXN preclinical program for the treatment of Friedreich’s ataxia –\n\n– Company will align its R&D resources to support the development of its preclinical programs targeting SCN9A for pain as well as its partnered programs –\n\n– Brian C. Bock appointed President and Chief Executive Officer –\n\n CHICAGO & CAMBRIDGE, Mass.--(BUSINESS WIRE)--\nExicure, Inc.® (NASDAQ: XCUR) announced the results of its previously disclosed independent internal investigation and a number of strategic actions aimed to reduce cash spend and prioritize the Company’s therapeutic pipeline.\n\nThe Audit Committee of the Board of Directors of the Company (the “Audit Committee”) today announced the findings of the internal investigation initiated and overseen by the Audit Committee and conducted by outside counsel in connection with alleged improprieties that Grant Corbett, Ph.D., the Company’s former Group Lead of Neuroscience, claimed to have committed with respect to the Company’s XCUR-FXN preclinical program.\n\nThe results of the investigation are summarized below.\n\n\nBeginning in the autumn of 2020, Dr. Corbett misreported raw data from certain research and development experiments related to XCUR-FXN;\n\n\nDr. Corbett misreported the results of at least three different experiments that were conducted through at least February 2021;\n\n\nThe misreported data related solely to efficacy rather than safety of XCUR-FXN;\n\n\nThe misreported data was included in various public presentations and SEC filings from as early as January 7, 2021 through as late as August 12, 2021;\n\n\nDr. Corbett acted alone in misreporting the data, without the assistance or knowledge of anyone else at the Company, including Company management and other research and development employees and did not inform anyone at the Company of his actions until his resignation in November 2021;\n\n\nCompany management reasonably relied on Dr. Corbett’s analysis when making public statements that included Dr. Corbett’s misreported data; and\n\n\nNo other Company program was impacted by Dr. Corbett’s misreporting of the XCUR-FXN data.\n\n\nAfter a review of the Audit Committee’s findings f...