Exicure Announces Pricing of $27.5 Million Public Offering of Common Stock
December 19 2019 - 9:20AM
Business Wire
Exicure, Inc. (Nasdaq: XCUR), a pioneer in gene regulatory and
immunotherapeutic drugs utilizing spherical nucleic acid (SNA™)
constructs, today announced the pricing of the previously announced
underwritten public offering of 10,000,000 shares of its common
stock at a price to the public of $2.75 per share. Exicure has also
granted the underwriters a 30-day option to purchase up to an
additional 1,500,000 shares of common stock to cover
overallotments, if any, at the public offering price, less
underwriting discounts and commissions. The offering is expected to
close on or about December 23, 2019 subject to customary closing
conditions.
Exicure expects to receive gross proceeds of $27.5 million from
the sale of common stock in the offering, prior to deducting
underwriting discounts and commissions and estimated offering
expenses payable by it. Exicure intends to use the net proceeds
from the offering to advance AST-008 through a Phase 1b/2 clinical
trial; to initiate a second arm in its Phase 1b/2 clinical trial in
cutaneous squamous cell carcinoma; to develop an SNA-based
therapeutic candidate for the treatment of Friedreich’s ataxia,
initiate IND-enabling studies and advance it into Phase 1 clinical
trials; to develop a second SNA therapeutic candidate for a
neurology condition and initiate IND-enabling studies; and for
general corporate purposes.
Guggenheim Securities is acting as sole book-running manager for
the offering. Chardan is acting as lead manager for the offering.
H.C. Wainwright & Co. and Ladenburg Thalmann are acting as
co-managers for the offering.
The securities described above are being offered by Exicure
pursuant to a shelf registration statement on Form S-3 (No.
333-230175) that was declared effective by the Securities and
Exchange Commission (SEC) on July 24, 2019. A preliminary
prospectus supplement and accompanying prospectus relating to the
offering were filed with the SEC and are available on the SEC’s
website located at www.sec.gov. A final prospectus supplement and
accompanying prospectus describing the terms of the offering will
be filed with the SEC and will be available on the SEC’s website.
Copies of the final prospectus supplement and the accompanying
prospectus relating to this offering may also be obtained, when
available, from: Guggenheim Securities, LLC Attention: Equity
Syndicate Department, 330 Madison Avenue, New York, NY 10017 or by
telephone at (212) 518-5548, or by email at
GSEquityProspectusDelivery@guggenheimpartners.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of that
state or jurisdiction.
About Exicure, Inc.
Exicure, Inc. is a clinical-stage biotechnology company
developing therapeutics for immuno-oncology, inflammatory diseases
and genetic disorders based on our proprietary Spherical Nucleic
Acid, or SNA technology. Exicure believes that its proprietary SNA
architecture has distinct chemical and biological properties that
may provide advantages over other nucleic acid therapeutics and may
have therapeutic potential to target diseases not typically
addressed with other nucleic acid therapeutics. Exicure's lead
program is in a Phase 1b/2 trial in patients with advanced solid
tumors. Exicure is based outside of Chicago, IL and in Cambridge,
MA.
Exicure Forward Looking Statements
This press release contains forward-looking statements
(including within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended, and Section 27A of the
United States Securities Act of 1933, as amended) concerning the
Company, the Company’s technology, potential therapies, cash
requirements and other matters as well as statements regarding the
Company’s intention to conduct an offering and sale of securities,
the size of the offering, the completion of the offering and the
expected use of proceeds from the offering. Forward-looking
statements generally include statements that are predictive in
nature and depend upon or refer to future events or conditions, and
include words such as "may," "will," "should," "would," "expect,"
"plan," "believe," "intend," "look forward," and other similar
expressions among others. Statements that are not historical facts
are forward-looking statements. Forward-looking statements are
based on current beliefs and assumptions that are subject to risks
and uncertainties and are not guarantees of future performance.
Actual results could differ materially from those contained in any
forward-looking statement as a result of various factors,
including, without limitation: unexpected costs, charges or
expenses that reduce cash runway; that Exicure’s pre-clinical or
clinical programs do not advance or result in approved products on
a timely or cost effective basis or at all; the cost, timing and
results of clinical trials; the ability to enroll patients in
clinical trials; possible safety and efficacy concerns; regulatory
developments; and the ability of Exicure to protect its
intellectual property rights. Risks facing the Company and its
programs are set forth in the Company’s filings with the SEC.
Except as required by applicable law, the Company undertakes no
obligation to revise or update any forward-looking statement
(including without limitation its cash runway guidance) or to make
any other forward-looking statements, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20191219005459/en/
MacDougall Karen Sharma 781-235-3060 ksharma@macbiocom.com
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