Exicure obtains a credit facility for up to $ 25.0 million
CHICAGO & CAMBRIDGE, Mass .– (BUSINESS WIRE) – Exicure, Inc. (Nasdaq: XCUR), a pioneer of gene regulation and immunotherapeutic drugs using spherical nucleic acid (SNA ™) constructs, today announced that it has entered into a senior secured term loan of $ 25.0 million with MidCap Financial Trust (MidCap), as agent, and Silicon Valley Bank (SVB).
The lenders under the credit facility have made available to Exicure an aggregate principal amount of up to $ 25.0 million. Exicure has now received $ 17.5 million in proceeds and an additional $ 7.5 million may be withdrawn at Exicure’s discretion at any time between April 1, 2021 and September 30, 2021. The loan does not require payments to be made. ‘interest only for 24 months, followed by 36 months straight-line amortization after the interest period only. You can get a loans directly from lender.
“We believe that this non-dilutive debt facility has improved Exicure’s financial flexibility, ”said David Giljohann, CEO of Exicure. “We are grateful to MidCap and SVB for the confidence they have shown in our preclinical and clinical neurology and oncology programs, and plan to use these funds for the continued execution and expansion of our pipeline, ”concluded Dr Giljohann.
About Exicure, Inc.
Exicure, Inc. is a clinical-stage biotechnology company developing therapeutics for neurology, immuno-oncology, inflammatory diseases and other genetic disorders based on our proprietary spherical nucleic acid or ANS technology. Exicure believes that its proprietary ANS architecture has distinct chemical and biological properties that may offer advantages over other nucleic acid-based therapies and may have therapeutic potential to target diseases that are typically not treated with d other nucleic acid therapies. Exicure is in preclinical development of XCUR-FXN, an ANS-based therapeutic candidate for the treatment of Friedreich’s ataxia (FA). Exicure’s AST-008 drug candidate is currently in a Phase 1b / 2 clinical trial in patients with advanced solid tumors. Exicure is based in Chicago, IL and Cambridge, MA.
For more information, visit the Exicure website at www.exicuretx.com.
About MidCap Financial
MidCap Financial is a specialty finance company focused on the mid-market that provides senior debt solutions to companies across all industries. MidCap is headquartered in Bethesda, Maryland, with offices in Chicago and Los Angeles, and offers a wide range of products to finance growth and manage working capital. For more information visit www.midcapfinancial.com.
MidCap Financial refers to MidCap FinCo Designated Activity Company, a limited liability company domiciled in Ireland, and its subsidiaries, including MidCap Financial Services, LLC. MidCap Financial Services, LLC employs all staff and provides procurement, due diligence and portfolio management services to MidCap FinCo Designated Activity Company pursuant to a service agreement. MidCap Financial is managed by Apollo Capital Management, LP, a subsidiary of Apollo Global Management (NYSE: APO), pursuant to an investment management agreement.
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has been helping innovative companies and their investors quickly advance bold ideas. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps meet the unique needs of innovators. Learn more about svb.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact can be considered as forward-looking, including, but not limited to y limit, representations regarding the Company’s use of the proceeds of the credit facility and its plans for the development of its preclinical and clinical pipeline. Forward-looking statements are based on management’s current beliefs and assumptions which 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 due to various factors, including, but not limited to: the risks that the ongoing COVID-19 pandemic could disrupt the business of the company and / or the global healthcare system harsher than it has to date or more severely than expected, which may have the effect of influencing or delaying the Company’s ongoing Phase 1b / 2 clinical trial; unforeseen costs, charges or expenses that reduce the capital resources of the business; the company’s preclinical or clinical programs do not advance or result in approved products in a timely manner or cost-effective or not at all; the results of the first clinical trials are not always predictive of future results; the cost, timing and results of clinical trials; that many drug candidates do not become approved drugs in a timely fashion or cost-effectively, or not at all; the ability to enroll patients in clinical trials; potential safety and efficacy issues; regulatory developments; and the company’s ability to protect its intellectual property rights. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the Company’s actual results to differ from those contained in forward-looking statements, see the section entitled “Risk Factors” in the company’s annual report on Form 10-K for the year ended December 31, 2019, as updated by the company’s subsequent filings with the Securities and Exchange Commission. All information in this press release is as of the date of the press release, and the company assumes no obligation to update such information, except as required by law.