Business
Exicure, Inc. Reports First Quarter 2022 Financial Results and Corporate Progress
Recently announced a $5.0 million raise in a private placement transaction led by a subsidiary of CBI Co., Ltd. (“CBI”), a member of a leading investment
About this update from Exicure, Inc.
[{"type":"text","content":"\n\nRecently announced a $5.0 million raise in a private placement transaction led by a subsidiary of CBI Co., Ltd. (“CBI”), a member of a leading investment group in South Korea focusing on assisting scientific-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 reported financial results for the quarter ended March 31, 2022 and provided an update on its business strategy and corporate progress.\n\n“Exicure is off to a promising start in 2022 as we have made progress with our preclinical SCN9A program for the treatment of pain with several potential therapeutic candidates identified and we are conducting initial in vivo animal studies to support candidate selection in 2023,” commented Matthias Schroff, Ph.D., Chief Executive Officer of Exicure. “We continue to advance our partnered programs with Ipsen and AbbVie, and the recently announced private placement investment led by CBI USA, Inc. (“CBI USA”) is expected to provide us with additional resources as we continue our mission to pursue treatments for patients with unmet medical needs,” concluded Dr. Schroff.\n\nCorporate Progress\n\nRecent highlights include:\n\n\nOn May 10, 2022, Exicure announced a $5.0 million raise in a private placement transaction priced at market premium\n\n\nAgreed to sell an aggregate of 26,021,011 shares of the Company’s common stock to certain accredited investors in a private placement in public equity (“PIPE”) financing at a purchase price of $0.1937 per share, representing an approximately 45% premium to the 10-day volume weighted-average share price from May 9, 2022.\n\n\nNew investor CBI USA led the transaction; existing investor, Abingworth LLP, also participated.\n\n\nTransaction is expected to close on or about May 19, 2022, subject to the satisfaction of customary closing conditions.\n\n\nIn connection with the PIPE, CBI USA received the right to nominate a member to the Company’s board of directors (the “Board”), 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...