SKOKIE, Ill.--(BUSINESS WIRE)--Exicure, Inc., the pioneer in gene regulatory and immunotherapeutic drugs utilizing three-dimensional Spherical Nucleic Acid (SNA™) constructs, today announced the closing of approximately $11.2 million in subsequent financing led by Luye Pharma Group and others including Eager Info Investments LTD, Knoll Capital Management and Purple Arch Ventures. In the initial closing of this private placement announced in September, Exicure raised approximately $20.1 million, making for a total of approximately $31.5 million in this financing.
“Nucleic acid therapeutics hold great promise because they target the underlying genetic source of disease,” said Dr. David Giljohann, Chief Executive Officer of Exicure. “Toxicity and delivery have been the primary challenges for companies seeking to use nucleic acids in drug development. Our SNA technology seeks to overcome these challenges and to change the cost curves and development timelines of highly targeted medicines. We are advancing a pipeline of drugs for a broad range of chronic conditions and orphan diseases in dermatology, ophthalmology, respiratory and gastric disorders, and solid tumors. We welcome this new round of investors in Exicure as they bring great insight into rapidly emerging markets for our products.”
“As we look to the next generation of innovative pharmaceuticals we clearly see a major role for nucleic acid therapies that regulate genes and enhance the immune system to combat disease,” said Dr. Li You Xin, Senior Vice President and head of R&D of Luye Pharma Group. “The team at Exicure has made tremendous strides in unlocking the potential of these highly-targeted medicines.”
The offering was exempt from registration under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated by the SEC thereunder. The Common Stock in the offering was sold to “accredited investors,” as defined in Regulation D, and was conducted on a “reasonable best efforts” basis. Katalyst Securities LLC acted as sole placement agent for the financing.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Exicure, Inc.
Exicure, Inc. is a clinical stage biotechnology company developing a new class of immunomodulatory and gene regulating drugs against validated targets. Exicure’s proprietary 3-dimensional, spherical nucleic acid (SNA™) architecture unlocks the potential of therapeutic oligonucleotides in a wide range of cells and tissues. Exicure’s lead programs address inflammatory diseases, genetic disorders and oncology. Exicure is based outside of Chicago, Ill. www.exicuretx.com
About Luye Pharma Group LTD
Luye Pharma focuses on developing, producing, marketing and selling innovative pharmaceutical products in four of the largest and fastest growing therapeutic areas — oncology, cardiovascular, metabolism and the central nervous system. The company has a portfolio of over 30 products. The business of Luye Pharma covers global main pharmaceutical markets including China, the U.S., Europe, Australia, Japan and South Korean with approximately 4,000 employees. Luye Pharma Group is listed on the main board of the Hong Kong Stock Exchange (02186.HK). www.luye.cn/lvye_en
Forward Looking Statements
This communication contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning the Company, use of proceeds, the Company’s technology, potential therapies, clinical and regulatory objectives and other matters. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “plan,” “believe,” “intend,” “look forward,” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement. Risks facing the Company and its programs are set forth in the Company’s filings with the SEC. Except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.