Wednesday proved a coming-out party of sorts for Chicago-based Exicure, Inc. (OTC:XCUR).
The company, with headquarters also in Cambridge, Mass., a pioneer in gene regulatory and immunotherapeutic drugs utilizing spherical nucleic acid (SNA™) constructs, announced that its common stock began trading Wednesday on the NASDAQ Capital Market, following its previously announced approval to list its common stock on NASDAQ.
Exicure also announced today the pricing of the previously announced underwritten public offering of 27,500,000 shares of its common stock at a price to the public of $2.00 per share. Exicure has also granted the underwriters a 30-day option to purchase up to more than 4.1 million common shares, an offering expected to close on Friday.
Exicure expects to realize gross proceeds of $55 million, and intends to use the net proceeds from the offering 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.
Shares jumped 59 cents, or 31.6%, to $2.44, on volume surpassing 846,000 shares.
