Shares of Exicure (NasdaqCM: XCUR), Inc. a clinical-stage biotechnology company developing therapeutics for immuno-oncology, inflammatory diseases and genetic disorders based on proprietary Spherical Nucleic Acid, or SNA technology, are responding enthusiastically to the news released during the pre-market that announced that its shares have been accepted for trading on the Nasdaq Capital Market. At the open, shares are higher by more than 21% and currently trading at $2.24 per share.
Exicure, Inc is an emerging biotech and is considered as a pioneer in gene regulatory and immunotherapeutic drugs utilizing spherical nucleic acid (SNA™) constructs. According to XCUR, its common stock will begin trading on the Nasdaq Capital Market under the symbol “XCUR” at the opening of trading on July 31, 2019, following its previously announced approval to list its common stock on the Nasdaq Capital Market.
In addition to the uplist, investors also responded well to the company's announcement that the pricing for its previously announced underwritten public offering of 27,500,000 shares of its common stock has been set at a price to the public of $2.00 per share. The deal also grants the underwriters a 30-day option to purchase up to an additional 4,125,000 shares of common stock to cover over-allotments, if any. The offering is expected to close on or about August 2, 2019 subject to customary closing conditions.
According to the company, XCUR expects to receive gross proceeds of $55 million from the sale of common stock in the offering, prior to deducting the underwriting discounts and commissions and estimated offering expenses payable by it. Funds will be used to advance AST-008 through a Phase 1b/2 clinical trial; to develop an SNA therapeutic candidate for a neurology condition and advance it into Phase 1 clinical trials; and for general corporate purposes.
XCUR is putting together a string of positive updates and this mornings announcement sets the stage for accelerated growth and increased investor interest as the company begins trading on a more senior market.
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