Exicure announces restructuring plan, shares fall

Exicure

26/09/2022 22:43

** Shares of biotech co Exicure Inc  XCUR.O  down ~4% at
$1.64 after market
    ** Announces restructuring plan, including equity financing
agreement with investor CBI USA and workforce reduction of ~66%
 urn:newsml:reuters.com:*:nBw1BGL6Wa
    ** Says CBI USA will purchase 3.4 mln shares of co for gross
proceeds of $5.4 mln, will obtain majority stake in co
    ** XCUR adds it will suspend all pre-clinical and research
activities
    ** Co will also seek divestiture opportunities for its
neuropathic pain drug SCN9A 
    ** Co expects restructuring plan to extend cash runway into
Q2 2023; XCUR had reported cash and equivalents of $23.4 mln as
of June 30, 2022
    ** Earlier this year, XCUR had flagged "going concern" risks
    ** Up to Monday's close, XCUR down ~72% YTD 
 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))