By Denny Jacob
Exicure Inc. said on Monday that it is highly likely that it will have to seek bankruptcy protection in the near term without a finalized private placement it has entered into with CBI USA Inc.
The start-up biotech company said it would need substantial additional funding to meet its working capital and other financing needs, citing its current cash position, operating plans and cash flows. expected negative cash flow from operating activities over the next 12 months.
In September, Exicure entered into a securities purchase agreement with CBI USA to sell approximately 3.4 million shares of common stock at $1.60 per share in a private placement. He said he expects to receive total gross proceeds from the deal of approximately $5.4 million before deducting estimated offering costs.
“Pending shareholder approval of the private placement transaction with CBI USA, Exicure continues to explore strategic alternatives for its existing clinical and preclinical programs to maximize shareholder value,” said Chief Executive Officer Matthias. Schroff.
Trading was halted at 4 p.m. EDT and has not yet resumed.
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