Following the early-stage biotechnology company’s announcement of the cancellation of an agreement, shares of Exicure Inc. (NASDAQ: XCUR) were up 81.68% to trade at $1.2901 in after-hours at the last check.
Which contract has XCUR left?
Exicure (XCUR) announced the cancellation of its collaboration agreements with Ipsen BioPharm Limited and AbbVie, Inc. (Ipsen). Exicure was jointly advancing specific discovery initiatives in hair growth disorders and uncommon neurodegenerative disorders through various contracts with AbbVie and Ipsen, respectively.
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This termination grants XCUR the right to once again independently develop treatments for hair loss diseases, Angelman syndrome, and Huntington’s disease, while Ipsen retains the right to resume its collaboration with XCUR in those conditions.
Recent developments at XCUR:
A strategy to scale back the Company’s ongoing preclinical projects, including the creation of its SCN9A program, was recently announced by XCUR. Along with suspending all of its joint projects, XCUR also ceased all of its projects for research and development.
Additionally, XCUR executed a reduction in force through which the company trimmed roughly 66% of its staff in addition to other cost-saving initiatives (collectively, the “Plan”). The Plan’s goal was to cut costs in order to increase the Company’s cash runway and retain a lean organization to serve core corporate operations while it actively pursued alternative strategies to optimize stockholder value. The force reduction announced on September 26, 2022, is now largely finished.
In order to increase investor value, XCUR continues to actively explore out-licensing prospects for both its preclinical candidates, such as the SCN9A program for neuropathic pain, as well as its clinical asset, cavrotolimod.
XCUR took an equity step:
As was previously mentioned, Exicure (XCUR) and CBI USA, Inc. (hereinafter referred to as “CBI USA”) entered into a securities purchase agreement, pursuant to which Exicure (XCUR) agreed to issue and sell to CBI USA in a private placement a total of 3,400,000 XCUR shares. Those common stock shares had a par value of $0.0001 per share which were offered at a purchase price of $1.60 per share.