Business
Exicure, Inc. Reports Third Quarter 2022 Financial Results and Provides Corporate Update
CHICAGO--(BUSINESS WIRE)-- Exicure, Inc. (Nasdaq: XCUR), an early-stage biotechnology company historically focused on developing nucleic acid therapies
About this update from Exicure, Inc.
[{"type":"text","content":" CHICAGO--(BUSINESS WIRE)--\nExicure, Inc. (Nasdaq: XCUR), an early-stage biotechnology company historically focused on developing nucleic acid therapies targeting ribonucleic acid against validated targets, today reported financial results for the quarter ended September 30, 2022 and provided an update on its business strategy and corporate progress.\n\nCorporate Update\n\n\nAs previously reported, on September 26, 2022, the Company announced its commitment to a plan to wind down the Company’s existing preclinical programs, including the development of its SCN9A program, to suspend all of its research and development activities, including suspension of all partnered programs, and to implement a reduction in force where the Company reduced approximately 66% of its then-existing workforce, as well as other cost-cutting measures (collectively, the “Plan”). The purpose of the Plan was to decrease expenses, thereby, extending the Company’s cash runway, and enable the Company to maintain a streamlined organization to support key corporate functions while it continues to actively pursue strategic alternatives to maximize stockholder value.\n\n\nThe reduction in force announced on September 26, 2022 is now substantially complete.\n\n\nThe Company continues to actively pursue out-license opportunities for its clinical asset, cavrotolimod, as well as for its preclinical candidates, including the SCN9A program for neuropathic pain, and to pursue all strategic alternatives with the goal of maximizing stockholder value.\n\n\nAs also previously reported, on September 26, 2022, the Company entered into a securities purchase agreement with CBI USA, Inc. (“CBI USA”), pursuant to which it agreed to issue and sell to CBI USA in a private placement an aggregate of 3,400,000 shares of Exicure's common stock, par value $0.0001 per share, at a purchase price of $1.60 per share (the “Private Placement”).\n\n\nThe Private Placement is expected to close in the fourth quarter of 2022, subject to the satisfaction of certain closing conditions, including the Company’s stockholders voting in favor of the Private Placement. On November 10, 2022, the Company has filed and mailed its definitive proxy statement in connection with the special meeting to be held on December 15, 2022 at which the Company’s stockholders will be asked to vote on approval of the Priv...