Exicure Stock Surges On Blood Cancer Portfolio Acquisition Plans, Regaining Nasdaq Compliance: Retail Exuberant
By Stocktwits Inc | First Published Dec 27, 2024, 5:51 PM ISTChicago-based Exicure said it intends to receive technology transfer for GPCR Therapeutics’ CXCR4 inhibitor, along with its related patents and intellectual property.
Micro-cap early-stage biotech Exicure, Inc.’s ($XCUR) shares rose sharply in premarket trading on Friday following a deal to acquire a cancer drug pipeline from a South Korean company.
The company announcement late Thursday that it had signed a memorandum of understanding with GPCR Therapeutics on Dec. 24 to acquire the latter’s US subsidiary. The agreement also provides for technology transfer and collaborative research on GPCR’s other ongoing drug development pipelines.
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Chicago-based Exicure said it intends to receive technology transfer for GPCR Therapeutics’ CXCR4 inhibitor, which is in Phase 2 development, along with its related patents and intellectual property.
The company views the proposed acquisition as a means to advance as a clinical-stage biotech. It plans to finalize the ongoing clinical trials involving stem cell mobilizers in multiple myeloma patients and prepare clinical studies related to acute myeloid leukemia.
Excurire said the market potential for the two blood cancer types is around $1 billion to $2 billion annually.
The company also plans to collaborate on R&D in GPCR’s ongoing research in immuno-oncology, fibrosis treatments, and obesity therapies.
South Korean drug company GPCR specializes in GPCR (G Protein-Coupled Receptor), representing over one-third of all drug targets. The company has secured target patents around prominent GPCRs such as CXCR4. It possesses multiple pipelines addressing blood cancers and solid tumors, genetic disorders, idiopathic pulmonary fibrosis, and obesity, including ongoing Phase 2 trials in the U.S. for multiple myeloma.
Exicure said the deal will be funded from the $14 million capital investments it recently secured in three transactions.
In an 8-K filing with the SEC, Exicure said the Nasdaq has notified that the company has met all requirements for continued listing on the exchange.
A Stocktwits watcher pointed to the stock's low float and predicted a sharp move on the news.
In premarket trading, Exicure stock was up 8.41% at $18.70 at 7:05 a.m.ET. The stock has gained nearly 500% for the year.
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