- Proceeds expected to support Exicure’s continued advancement of preclinical candidates including its SCN9A product candidate, a non-opioid pain analgesic
- The 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
CHICAGO–(BUSINESS WIRE)–Exicure, 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 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.
The 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.
In 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.
Leonard 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 upside the company can achieve with their non-partnered programs such as their pain program.”
“We are thrilled to have an investor such as CBI support the promising work being achieved at Exicure,” said Matthias Schroff, Ph.D., Chief Executive Officer, Exicure Inc. “CBI’s support gives us additional cash runway which will allow our team to continue to focus on the development of novel medicines using nucleic acid therapeutics for difficult to treat conditions.”
The common stock issued in this private placement are being made in a transaction not involving a public offering and the shares have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. Exicure has agreed to file a registration statement with the SEC to register the resale of Company common stock to be issued in the private placement. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Exicure, Inc.
Exicure, Inc. is an early-stage biotechnology company developing nucleic acid therapies targeting ribonucleic acid against validated targets to neurological disorders and hair loss. The team includes a diverse scientific group with expertise in nucleic acid chemistry, drug development and neuroscience. Headquartered in Chicago, Illinois, the Company conducts its discovery and development efforts in-house with a dedicated 30,000 square foot facility, including rapid and automated high throughput nucleic acid synthesis and screening. For further information, see www.exicuretx.com.