Exicure, Inc. Announces Appointment of New CEO and CFO and Changes to Board of Directors

Rhea-AI Summary

Exicure, Inc. (NASDAQ: XCUR) has appointed Jung-Sang (Michael) Kim as the new CEO and CFO, effective April 26, 2023. He takes over from Dr. Matthias Schroff and Elias D. Papadimas, who both stepped down on the same day. The Board also welcomed Jiyoung Hwang as a new Class I director and noted the resignation of Seung Soo Shin as Class II director and chairman. Exicure is an early-stage biotechnology firm focusing on nucleic acid therapies for RNA targeting. Following a restructuring and the suspension of clinical activities, the company is exploring strategic alternatives to enhance stockholder value. For more details, a comprehensive filing will be available on Form 8-K with the U.S. Securities and Exchange Commission.

Positive

• Appointment of Jung-Sang (Michael) Kim as CEO and CFO may bring new leadership perspectives.
• Inclusion of Jiyoung Hwang as a Class I director could strengthen the Board.

Negative

• Suspension of clinical and development activities raises concerns about future growth and innovation.
• Leadership changes may lead to uncertainty in strategic direction and continuity.

CHICAGO--(BUSINESS WIRE)-- Exicure, Inc. (Nasdaq: XCUR), historically an early-stage biotechnology company focused on developing nucleic acid therapies targeting ribonucleic acid against validated targets, today announced that, effective as of April 26, 2023, Jung-Sang (Michael) Kim was appointed as Chief Executive Officer and Chief Financial Officer of the Company and a Class II director of the Company’s board of directors (the “Board”). Mr. Kim succeeds Dr. Matthias Schroff, who yesterday stepped down as Chief Executive Officer and a Class I member of the Board, and Mr. Elias D. Papadimas, who yesterday stepped down as our Chief Financial Officer. Effective as of April 26, 2023, the Board also approved the appointment of Jiyoung Hwang as a Class I director of the Board. Additionally, effective as April 26, 2023, Seung Soo Shin resigned as a Class II director and chairman of the Board. Additional information about today’s announcement, including biographical information about Mr. Kim and Ms. Hwang, will be filed on a Form 8-K with the U.S. Securities and Exchange Commission.

About Exicure

Exicure, Inc. has historically been an early-stage biotechnology company focused on developing nucleic acid therapies targeting ribonucleic acid against validated targets. Following its recent restructuring and suspension of clinical and development activities, the Company is exploring strategic alternatives to maximize stockholder value, both with respect to its historical biotechnology assets and more broadly. For further information, see www.exicuretx.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical fact may be deemed forward looking including, but not limited to, statements regarding: the Company's current business plans and objectives, including the pursuit of strategic alternatives to maximize stockholder value. Words such as “plans,” “expects,” “will,” “anticipates,” “continue,” “advance,” “believes,” “target,” “may,” “intend,” “could,” and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based on management’s current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the Company’s actual results to differ from those contained in the forward-looking statements, see the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on March 27, 2023, as updated by the Company’s subsequent filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information or to publicly announce the results of any revisions to any of such statements to reflect future events or developments, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230427005349/en/

Media:

Karen Sharma

MacDougall

781-235-3060

ksharma@macdougall.bio

Source: Exicure, Inc.

FAQ

Who is the new CEO of Exicure as of April 26, 2023?

Jung-Sang (Michael) Kim was appointed as the new CEO of Exicure, Inc. on April 26, 2023.

What leadership changes occurred at Exicure on April 26, 2023?

On April 26, 2023, Jung-Sang (Michael) Kim was appointed CEO and CFO, while Dr. Matthias Schroff and Elias D. Papadimas stepped down from their positions.

What are the strategic alternatives Exicure is exploring?

Exicure is exploring strategic alternatives to maximize stockholder value after suspending clinical and development activities.

How might the changes in leadership impact Exicure's future?

The changes in leadership could impact Exicure's strategic direction and the execution of its business plans.