Benzinga -
- Exicure Inc (NASDAQ: XCUR) announced the termination of its collaboration agreements with AbbVie Inc (NYSE: NYSE:ABBV) and Ipsen BioPharm Limited (OTC: IPSEY).
- Through separate agreements with AbbVie and Ipsen, Exicure was collaboratively advancing specified discovery programs in hair loss disorders and rare neurodegenerative disorders, respectively.
- As a result of this termination, Exicure can develop medicines targeting hair loss disorders, Angelman syndrome independently, and Huntington's disease – while Ipsen retains the right to re-enter into the collaboration with Exicure in Huntington's Disease and Angelman's Syndrome.
- In 2019, AbbVie partnered with Exicure for $25 million upfront in a hair-loss drug development deal. Two years later, Ipsen had paid $20 million upfront, with milestones worth up to $1 billion, to partner on two neurological programs.
- In September, Exicure announced restructuring plans and aligned resources to continue exploring strategic alternatives.
- The company will cut its workforce by approximately 66%, expected to complete by Q4 of 2022.
- It will also cease all R&D activities, including suspending all partnered programs.
- In its Q3 earnings release, Exicure's management warned of substantial doubt regarding the company's ability to continue as a going concern within one year.
- Price Action: XCUR shares closed at $0.73 on Tuesday.