Brief: Exicure Inc Enters Into Definitive Agreement With CBI USA Inc For $5.4 Million Equity Financing

Exicure

26/09/2022 21:16

Sept 26 (Reuters) - Exicure Inc  XCUR.O :
    * EXICURE, INC. ENTERS INTO DEFINITIVE AGREEMENT WITH CBI
USA,
INC. FOR $5.4 MILLION EQUITY FINANCING AND ANNOUNCES
IMPLEMENTATION OF STRATEGIC MEASURE TO REDUCE CASH BURN AND
PRIORITIZE STRATEGIC ALTERNATIVES
    * EXICURE INC - TO REDUCE ITS WORKFORCE BY APPROXIMATELY
66%,
ALONG WITH IMPLEMENTATION OF OTHER COST-CUTTING MEASURES
    * EXICURE INC - TO SUSPEND ALL PRE-CLINICAL ACTIVITIES, AND
TO
SEEK ASSET DIVESTITURE OF SCN9A PROGRAM
    * EXICURE INC - COMPANY IS HALTING ALL RESEARCH AND
DEVELOPMENT
ACTIVITIES AND CONTINUES TO EXPLORE STRATEGIC ALTERNATIVES
FOCUSED ON MAXIMIZING VALUE
    * EXICURE INC - EXECUTIVE TEAM IS EXPECTED TO REMAIN IN
PLACE
FOLLOWING RESTRUCTURING AND REALIGNMENT
    * EXICURE INC - ESTIMATES THAT IT WILL INCUR TOTAL EXPENSES
RELATING TO RESTRUCTURING OF APPROXIMATELY $0.5 MILLION
    * EXICURE INC - RESTRUCTURING PLAN IS EXPECTED TO EXTEND
COMPANY'S
CASH RUNWAY INTO Q2 OF 2023 BASED ON CURRENT OPERATING PLANS AND
ESTIMATES
    * EXICURE INC- WORKFORCE REDUCTION OF ABOUT 66%, EXPECTED TO
BE
COMPLETED BY Q4 OF 2022
    * EXICURE INC - COMPANY'S EXECUTIVE TEAM IS EXPECTED TO
REMAIN IN
PLACE FOLLOWING RESTRUCTURING AND REALIGNMENT

Source text for Eikon:  ID:nBw1BGL6Wa 
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