Exicure Announces $5 Million Raise in Private Placement Transaction Priced at Market Premium
Proceeds expected to support Exicures 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
Exicure, Inc. (NASDAQ:XCUR), 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 (PIPE) 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.