- Exicure Inc (NASDAQ: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.
Nevada’s Marijuana Regulator Gets A Dynamic New Leader And Other Leadership Changes In Cannabis
Nevada Gov. Joe Lombardo revealed last week that James Humm agreed to lead the state's agency that regulates the burgeoning cannabis market. Tyler Klimas, who currently holds the position of executive director of the Cannabis Compliance Board, told Gov. Lombardo in September he'll be stepping down, reported to Nevada Current.
The Independent Retail Cannabis Collective (IRCC) has tapped Mandesh Dosanjh to serve as its new executive board chair.
Acreage Holdings, Inc. announced on Friday that Philip Himmelstein, vice president of financial planning and analysis at Acreage, will be assuming the role of interim chief financial officer.
Entourage Health Corp.'s Vincent Doré opted to resign as the company's chief legal officer and corporate secretary.
