Exicure, Inc. Announces Support of CEO in its Ongoing Exploration of Strategic Alternatives
May 26 2023 - 4:01PM
Business Wire
Exicure, Inc. (Nasdaq: XCUR) (“Exicure” or the “Company”),
historically an early-stage biotechnology company focused on
developing nucleic acid therapies targeting ribonucleic acid
against validated targets, previously announced an ongoing strategy
to explore strategic alternatives to maximize stockholder value,
and as part of such ongoing effort, previously announced the
appointment of Jung Sang (Michael) Kim 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”).
The Company today announced that the Board fully supports the
strategic vision of Mr. Kim and his ongoing efforts to maximize
stockholder value. Mr. Kim will lead the Company’s continuing
efforts to identify and evaluate a range of potential strategic
transaction alternatives, including transactions involving
industries and businesses unrelated to our historical operations.
These efforts include the possible sale of certain of the Company’s
assets, as well as exploring growth through transactions with
potential partners that see opportunity in joining an existing,
publicly-traded organization. Mr. Kim will engage in discussions
and oversee the due diligence process with parties potentially
interested in transactions with the Company, and recommend to the
Board whether any proposed transaction is in the best interests of
the Company and its stockholders.
“Exicure is committed to exploring strategic transaction
alternatives, and the Board will facilitate this process,” said
Cheolho Jo of the Board. “The Board plans to proceed expeditiously,
but will evaluate alternatives carefully for their ability to
provide superior value to Exicure’s stockholders.”
There is no assurance that the review of strategic alternatives
will result in any transaction or other strategic alternative.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230526005198/en/
Media: Karen Sharma MacDougall 781-235-3060
ksharma@macdougall.bio
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