AbbVie, Ipsen Terminate Partnerships With Exicure As Bankruptcy Concern Looms

• Exicure Inc (NASDAQ: XCUR) announced the termination of its collaboration agreements with AbbVie Inc (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.

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