XCUR - Exicure to get $5.4M equity financing reduce workforce & end R&D preclinical activities

• Early-stage biotech Exicure ( NASDAQ: XCUR ) on Monday announced a host of strategic actions, including a workforce reduction of about 66% and a halt to its research and development activities and its pre-clinical studies.
• The company estimated that it will incur total expenses relating to the restructuring of about $0.5M, adding that it expects the strategic actions to extend its cash runway into Q2 2023.
• XCUR said it would explore divestiture options for its SCN9A clinical program developing candidates for neuropathic pain, as results from a recent animal study did not meet "desired target engagement levels."
• In Monday's statement , XCUR also said it had entered into a private placement in public equity (PIPE) financing with existing investor CBI USA for anticipated gross proceeds of about $5.4M.
• CBI USA would also hold a controlling stake in XCUR equivalent to about 50.4% of the total voting power upon satisfaction of certain deal closing conditions.
• XCUR stock earlier closed +10.4% at $1.70.

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