Exicure, Inc. Announces $11.5 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules
December 14 2021 - 1:53PM
Business Wire
Exicure, Inc.® (NASDAQ:XCUR), a pioneer in gene regulatory drugs
utilizing spherical nucleic acid (SNA™) technology, today announced
that it has entered into a definitive agreement with several
institutional investors for the purchase and sale of 34,576,068
shares of the Company’s common stock (or common stock equivalents)
and warrants to purchase up to an aggregate of 17,288,034 shares of
the Company’s common stock, at an effective purchase price of
$0.3326 per share of common stock (or common stock equivalent) and
associated warrant, in a registered direct offering priced
at-the-market under Nasdaq rules. The warrants have an exercise
price of $0.2701 per share, are exercisable immediately and have a
term of five years. The closing of the offering is expected to
occur on or about December 16, 2021, subject to the satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The gross proceeds to the Company from this offering are
expected to be approximately $11.5 million, before deducting the
placement agent’s fees and other offering expenses payable by the
Company. The Company intends to use the net proceeds from this
offering for working capital and general corporate purposes.
The securities described above are being offered by the Company
pursuant to a “shelf” registration statement on Form S-3 (File No.
333-251555) previously filed with the Securities and Exchange
Commission (the “SEC”) on December 21, 2020, and declared effective
by the SEC on January 7, 2021. The offering of the securities is
made only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
A final prospectus supplement and accompanying prospectus relating
to the securities being offered will be filed with the SEC.
Electronic copies of the final prospectus supplement and
accompanying prospectus may be obtained, when available, on the
SEC’s website at http://www.sec.gov or by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York,
NY 10022, by phone at (212) 865-5711 or e-mail at
placements@hcwco.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Exicure, Inc.
Exicure, Inc. is a development-stage biotechnology company
developing therapeutics for neurology and other genetic disorders
based on its 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 based in Chicago, IL and Cambridge,
MA.
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 completion of the registered
direct offering, the satisfaction of customary closing conditions
related to the registered direct offering and the intended use of
net proceeds from the registered direct offering. Words such as
“plans,” “expects,” “will,” “anticipates,” “continue,” “expand,”
“advance,” “develop” “believes,” “guidance,” “target,” “may,”
“remain,” “project,” “outlook,” “intend,” “estimate,” “could,”
“should,” 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. Actual results could
differ materially from those contained in any forward-looking
statement as a result of various factors, including, without
limitation: market and other conditions, the risks that the ongoing
COVID-19 pandemic may disrupt the Company’s business and/or the
global healthcare system (including its supply chain) more severely
than it has to date or more severely than anticipated; unexpected
costs, charges or expenses that reduce the Company’s capital
resources; the Company’s preclinical programs do not advance into
clinical 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; the ability of the
Company to obtain or maintain collaborations and/or collaborate
successfully with strategic partners; regulatory developments;
exposure to litigation, including patent litigation, and/or
regulatory actions; the ability of the Company to protect its
intellectual property rights; and the impact of the completion of
the Company’s previously reported internal investigation on the
Company’s business and diversion of management time and attention
on related issues, including any related investigations or
proceedings, shareholder lawsuits, reputational harm, or the
possibility that executives or other employees may resign. Given
these risks and uncertainties, you are cautioned not to place undue
reliance on such forward-looking statements. 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 Quarterly Report on Form 10-Q filed
with the Securities and Exchange Commission on November 19, 2021,
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/20211214006198/en/
Karen Sharma MacDougall 781-235-3060 ksharma@macdougall.bio
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