Exicure, Inc. Announces Investment in Korean SNS Platform Cyworld
May 04 2023 - 4:01PM
Business Wire
Exicure, Inc. (Nasdaq: XCUR), historically an early-stage
biotechnology company focused on developing nucleic acid therapies
targeting ribonucleic acid against validated targets, today
announced that it has invested in Cyworld Z Co. Ltd. (“Cyworld Z”),
the operator of a Korean SNS platform "Cyworld" through the
purchase of $1 million aggregate principal amount of convertible
bonds issued by Cyworld Z. This investment is part of Exicure’s
strategy to explore strategic alternatives to maximize stockholder
value.
According to Cyworld Z, Cyworld is a leading SNS platform in
Korea with 32 million members, whose app was released in April 2022
and became the most downloaded app in Korea's app market, ranking
first for 9 months. Cyworld Z has also indicated that Cyworld has
attracted $10 million in investments from major Korean IT companies
such as NHN Bugs and leading K-culture companies such as Chorokbaem
Media.
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/20230504005766/en/
Media Contact: Karen Sharma MacDougall 781-235-3060
ksharma@macdougall.bio
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