- Exicure Inc XCUR announced restructuring plans and aligned resources to continue exploring strategic alternatives.
- The company will cut its workforce by approximately 66%, expected to be completed by the fourth quarter of 2022.
- It will also cease all R&D activities, including suspension of all partnered programs.
- Exicure is looking for divesture opportunities for clinical-stage asset in immuno-oncology and preclinical candidates, including the SCN9A product candidates for neuropathic pain.
- The company estimates that it will incur total expenses for the restructuring of approximately $0.5 million. This restructuring plan is expected to extend the company's cash runway into Q2 2023.
- For the SCN9A program targeting the Nav 1.7 channel for neuropathic pain, Exicure developed several potential candidates showing promising activity in preclinical studies. But the results from a recent in-vivo animal study in non-human primates did not meet desired target engagement.
- Additional preclinical studies would be required, delaying the timing of IND-enabling work.
- Hence, Exicure has suspended further preclinical activities for the SCN9A program as it assesses strategic alternatives for all its assets.
- Exicure also announced a private placement of 3.4 million at $1.60 per share to existing investor CBI USA Inc for gross proceeds of $5.4 million.
- CBI USA would hold a controlling position in Exicure, equivalent to approximately 50.4% of the total voting power.
- Price Action: XCUR shares closed lower by 4.12% at $1.63 during after-hours trading on Monday.
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