Exicure Secures Debt Facility for Up to $25.0 Million
October 01 2020 - 7:00AM
Business Wire
Exicure, Inc. (Nasdaq: XCUR), a pioneer in gene regulatory and
immunotherapeutic drugs utilizing spherical nucleic acid (SNA™)
constructs, today announced it has entered into a $25.0 million
senior secured term loan with MidCap Financial Trust (MidCap), as
agent, and Silicon Valley Bank (SVB).
The lenders under the debt facility have made available to
Exicure an aggregate principal amount up to $25.0 million. Exicure
has now received $17.5 million of proceeds and an additional $7.5
million can be drawn at Exicure’s discretion anytime between April
1, 2021 and September 30, 2021. The loan requires interest payments
only for 24 months followed by 36 months of straight-line
amortization after the interest only period.
"We believe this non-dilutive debt facility has enhanced
Exicure’s financial flexibility,” said David Giljohann, CEO of
Exicure. “We are grateful to MidCap and SVB for the confidence they
have shown in our preclinical and clinical programs in neurology
and oncology, and plan to use these funds for the ongoing execution
and expansion of our pipeline," concluded Dr. Giljohann.
About Exicure, Inc.
Exicure, Inc. is a clinical-stage biotechnology company
developing therapeutics for neurology, immuno-oncology,
inflammatory diseases and other 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 is in preclinical development of XCUR-FXN, an
SNA–based therapeutic candidate for the treatment of Friedreich’s
ataxia (FA). Exicure's drug candidate AST-008 is currently in a
Phase 1b/2 clinical trial in patients with advanced solid tumors.
Exicure is based in Chicago, IL and in Cambridge, MA.
For more information, visit Exicure’s website at
www.exicuretx.com.
About MidCap Financial
MidCap Financial is a middle market-focused, specialty finance
firm that provides senior debt solutions to companies across all
industries. MidCap is headquartered in Bethesda, MD, with offices
in Chicago and Los Angeles, and provides a broad array of products
intended to finance growth and manage working capital. For more
information, visit www.midcapfinancial.com.
MidCap Financial refers to MidCap FinCo Designated Activity
Company, a private limited company domiciled in Ireland, and its
subsidiaries, including MidCap Financial Services, LLC. MidCap
Financial Services, LLC employs all personnel and provides
sourcing, due diligence and portfolio management services to MidCap
FinCo Designated Activity Company pursuant to a services agreement.
MidCap Financial is managed by Apollo Capital Management, L.P., a
subsidiary of Apollo Global Management (NYSE: APO), pursuant to an
investment management agreement.
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped
innovative companies and their investors move bold ideas forward,
fast. SVB provides targeted financial services and expertise
through its offices in innovation centers around the world. With
commercial, international and private banking services, SVB helps
address the unique needs of innovators. Learn more at svb.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 could be deemed forward looking including, but not
limited to, statements regarding the company’s use of proceeds from
the debt facility and its plans for the development of its
preclinical and clinical pipeline. 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. Actual results could differ materially from those
contained in any forward-looking statement as a result of various
factors, including, without limitation: the risks that the ongoing
COVID-19 pandemic may disrupt the company’s business and/or the
global healthcare system more severely than it has to date or more
severely than anticipated, which may have the effect of impacting
or delaying the company’s ongoing Phase 1b/2 clinical trial;
unexpected costs, charges or expenses that reduce the company’s
capital resources; the company’s preclinical or clinical programs
do not advance or result in approved products on a timely or cost
effective basis or at all; the results of early clinical trials are
not always being predictive of future results; the cost, timing and
results of clinical trials; that many drug candidates do not become
approved drugs on a timely or cost effective basis or at all; the
ability to enroll patients in clinical trials; possible safety and
efficacy concerns; regulatory developments; and the ability of the
company to protect its intellectual property rights. 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, 2019, 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, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20201001005156/en/
MacDougall Karen Sharma 781-235-3060 ksharma@macbiocom.com
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