Exicure, Inc. - XCUR STOCK NEWS

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.

Exicure, Inc. (Nasdaq: XCUR) reported financial results for 2022, highlighting a revenue increase to $28.8 million from $(0.5) million in 2021 due to the recognition of deferred revenue from terminated collaborations. The company has $9.8 million in cash and expects to need additional financing soon. R&D expenses decreased 60% to $19.8 million, partly due to a reduction in workforce. The net loss improved to $2.6 million from $64.1 million. Despite these changes, Exicure faces substantial doubt about its ability to continue as a going concern without new financing.

Exicure Inc. (NASDAQ: XCUR) has successfully closed a private placement with CBI USA, Inc., finalizing the agreement made on September 26, 2022. This transaction, completed on February 24, 2023, involved the issuance of 3,400,000 shares at $1.60 per share, resulting in approximately $5.4 million in gross proceeds aimed at general working capital. Following the deal, CBI USA emerged as Exicure's majority shareholder, holding around 50.4% of the company’s shares, leading to a change of control. Additionally, three new board members nominated by CBI USA were appointed, while Elizabeth Garofalo resigned from the Board.

Exicure has announced the termination of its collaboration agreements with AbbVie and Ipsen. This decision affects the development programs focused on hair loss disorders and rare neurodegenerative disorders, including Angelman syndrome and Huntington's disease. Exicure now regains the ability to independently develop treatments for these conditions. CEO Matthias Schroff expressed gratitude to both companies for their support, while stating that Exicure is exploring strategic options to maximize stockholder value.

Exicure, Inc. (Nasdaq: XCUR) reported its Q3 2022 financial results, revealing a cash position of $16.8 million, down from $48.3 million in 2021. The company generated $2.0 million in revenue, a significant recovery from a net loss of $(3.7) million in the same quarter last year, primarily due to increased collaboration revenue. However, R&D expenses decreased to $4.8 million from $16.5 million, reflecting ongoing strategic cuts. As of September 30, 2022, the firm faces serious doubts regarding the ability to continue operations without additional financing, raising concerns of potential bankruptcy.

Exicure (NASDAQ: XCUR) has announced significant restructuring plans, including a 66% workforce reduction and cessation of all R&D activities. These changes aim to extend cash runway into Q2 2023. Additionally, CBI USA, Inc. intends to purchase 3.4 million shares for $5.4 million, potentially granting them a controlling stake of approximately 50.4%. The company will also explore asset divestiture for its SCN9A program following unsatisfactory clinical trial results.

Exicure, Inc. (NASDAQ: XCUR) announced that CEO Matthias Schroff will present at the 2022 Chardan Genetic Medicines Conference on October 3-4, 2022. The presentation will be available on-demand starting October 3 at 4:00 PM EST for 120 days. Exicure will also conduct one-on-one investor meetings with registered attendees. The company focuses on developing nucleic acid therapies targeting RNA for neurological and hair loss disorders, supported by a skilled team and a dedicated research facility in Chicago.