Exicure Inc's (NASDAQ:XCUR) Audit Committee concluded that Grant Corbett misreported raw data from certain R&D experiments related to XCUR-FXN preclinical program.
- Dr. Corbett misreported the results of at least three different experiments related solely to efficacy rather than safety.
- Related Link: Why Are Exicure Shares Trading At All Time Low?
- The Company will also reduce its workforce by approximately 50%, expected to be completed by January 2022.
- Exicure will also wind down immuno-oncology program cavrotolimod (AST-008) and XCUR-FXN preclinical program to treat Friedreich's ataxia.
- Management Reshuffle: Brian Bock, XCUR's former CFO, has been appointed President & CEO, replacing David Giljohann.
- David Giljohann has resigned and will serve as Chief Technology Officer through January 31, 2022.
- Matthias Schroff, the Company's former COO, will be the new Chief Scientific Officer.
- Douglas Feltner, the Company's Chief Medical Officer, will depart in January 2022 after the cavrotolimod and XCUR-FXN programs wind down.
- Exicure expects to realize approximately $6.0 million in employee-related cost savings in 2022, plus additional wind-down costs.
- The Company plans to align its R&D resources towards:
- Preclinical program targeting SCN9A for neuropathic pain,
- Partnered programs with Ipsen Biopharm Limited and AbbVie Inc (NYSE: ABBV) to develop SNA-based treatments for Huntington's disease & Angelman syndrome and hair loss disorders, respectively.
- The Company also prepaid $10.0 million loans with MidCap Financial Trust, leaving a balance of $7.5 million.
- Price Action: XCUR shares are down 33.9% at $0.30 during the market session on the last check Monday.
