Summary by Moomoo AI
On September 27, 2024, Exicure, Inc., a biotechnology company specializing in spherical nucleic acid technologies, completed the sale of certain assets to Flashpoint Therapeutics, Inc. The assets include Exicure's technology related to spherical nucleic acids, research and development programs, and clinical assets. The sale resulted in gross proceeds of $1.5 million for Exicure. Additionally, Exicure will support Flashpoint Therapeutics in the development and licensing of the assets and will receive royalties from any future third-party licenses. The transaction was conducted at arm's length with no material relationship between the two companies outside of this agreement. In a separate event, Exicure expanded its Board of Directors from six to seven members and appointed Eui Yull Hwang as an independent director. Mr. Hwang's term will last until the 2025 annual meeting of stockholders. He will receive an annual retainer of $20,000 and is set to enter into the company's standard indemnification agreement.