<SEC-DOCUMENT>0001628280-18-000328.txt : 20180307
<SEC-HEADER>0001628280-18-000328.hdr.sgml : 20180307
<ACCEPTANCE-DATETIME>20180112171619
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001628280-18-000328
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EXICURE, INC.
		CENTRAL INDEX KEY:			0001698530
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				815333008
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		8045 LAMON AVE, SUITE 410
		CITY:			SKOKIE
		STATE:			IL
		ZIP:			60077
		BUSINESS PHONE:		847-673-1700

	MAIL ADDRESS:	
		STREET 1:		8045 LAMON AVE, SUITE 410
		CITY:			SKOKIE
		STATE:			IL
		ZIP:			60077

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Max-1 Acquisition Corp
		DATE OF NAME CHANGE:	20170221
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<div><a name="s2A5B23E1DC5D6BBDC132E39944A06C03"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:25%;"></td><td style="width:38%;"></td><td style="width:37%;"></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:2px;padding-top:2px;padding-left:4px;"><img src="exicures1secresponsel_image1.jpg" alt="exicures1secresponsel_image1.jpg" style="height:49px;width:172px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:2px;padding-left:4px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exicure, Inc.</font></div><div style="padding-left:4px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">8045 Lamon Avenue, Suite 410</font></div><div style="padding-left:4px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Skokie, IL 60077</font></div><div style="padding-bottom:2px;padding-left:4px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(847) 673-1700</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">January 12, 2018</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Via EDGAR</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Division of Corporation Finance</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">100 F Street, NE</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Washington, D.C. 20549-3561</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attn:&#160;&#160;&#160;&#160;Chris Edwards</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Suzanne Hayes</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Re:&#160;Exicure, Inc.</font></div><div style="line-height:120%;text-align:left;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#160;Registration Statement on Form S-1</font></div><div style="line-height:120%;text-align:left;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#160;Filed November 28, 2017</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#160;File No. 333-221791</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Ladies and Gentlemen:</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">On behalf of Exicure, Inc., a Delaware corporation (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;), transmitted herewith through the EDGAR electronic filing system (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">EDGAR</font><font style="font-family:inherit;font-size:12pt;">&#8221;) under the Securities Act of 1933, as amended (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Securities Act</font><font style="font-family:inherit;font-size:12pt;">&#8221;), we acknowledge receipt of the Securities and Exchange Commission Staff&#8217;s comment letter dated December 15, 2017 relating to the Company&#8217;s Registration Statement on Form S-1 filed on November 28, 2017 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Form S-1</font><font style="font-family:inherit;font-size:12pt;">&#8221;).  Concurrent with this letter, we are filing an amended Registration Statement on Form S-1 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Form S-1/A</font><font style="font-family:inherit;font-size:12pt;">&#8221;).  For your convenience, we have reproduced the Staff&#8217;s comment below in italics, followed by our corresponding response. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Registration Statement on Form S-1</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">General</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">Please provide us your analysis as to why each of the selling shareholders who received your shares in the Merger or Private Placement should not be deemed underwriters pursuant to Securities Act Rule 145(c). To the extent they are, please name them as underwriters and revise to clarify that the price at which they are offering their shares will remain fixed for the duration of the offering. If they are not, please provide us a basis for your conclusion, including a discussion of whether such selling shareholders were a party to or an affiliate of a party to the business combination transaction discussed in this prospectus. Refer to Section II.G of Securities Act Release 33-8869 (2007).</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Company respectfully advises the Staff that based on its analysis of all the circumstances behind the Merger and the Private Placement, as discussed in greater detail below, it does not believe that the selling </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Chris Edwards and Suzanne Hayes</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Securities and Exchange Commission</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">January 12, 2018</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Page 2</font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">shareholders who received the Company&#8217;s shares in the Merger and Private Placement should be deemed underwriters pursuant to Rule 145(c). </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Company considered the definition of an &#8220;Underwriter&#8221; provided in Section 2(a)(11) of the Securities Act in its analysis:</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 2(a)(11) of the Securities Act defines an &#8220;underwriter&#8221; to include:&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#8220;any person who has purchased from an issuer with a view to, or offers or sells for an issuer in connection with, the distribution of any security, or participates or has a direct or indirect participation in any such undertaking, or participates or has a participation in the direct or indirect underwriting of any such undertaking&#8230;</font><font style="font-family:inherit;font-size:12pt;">&#8221;&#160;</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The shares issued in the transactions described above (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Securities</font><font style="font-family:inherit;font-size:12pt;">&#8221;) were not purchased with a view to distribute such Securities. As described in the Registration Statement, the Securities were originally purchased by the selling shareholders (i) in connection with an investment in Exicure, Inc., the formerly private company party to the Merger (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Exicure OpCo</font><font style="font-family:inherit;font-size:12pt;">&#8221;), (ii) in the ordinary course of business in connection with employment at Exicure OpCo or the exercise of Exicure OpCo stock options, or (iii) in connection with the Private Placement. In each case, the Securities were purchased with a long-term investment intent in Exicure OpCo and, after the transactions referenced above, in the Company. Each of the selling shareholders made extensive representations and warranties regarding its investment intent, including representations that each selling shareholder was purchasing the Securities for its own account, for investment purposes and not for the purpose of effecting any distribution of the Securities in violation of the Securities Act. In fact, with respect to the vast majority of Securities acquired in the Merger, the receiving shareholders entered into customary lockup agreements with the Company for a period of nine months. In addition, at the time of acquisition of the Securities, to the Company&#8217;s knowledge, none of the selling shareholders had any agreements or understandings, directly or indirectly, with any person to distribute such Securities.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The registration of the selling shareholder shares through the Registration Statement constitutes a valid secondary offering and is not an offering by or on behalf of the Company. The Company will not receive any proceeds from the sale of the shares. No selling shareholder is acting on behalf of the Company with respect to the shares being listed for registration under the Registration Statement, and the Company has no contractual, legal or other relationship with the selling shareholders who received shares in the transactions described above that would control the timing, nature and amount of resales of such shares following the effectiveness of the Registration Statement or whether such shares are even resold at all under the Registration Statement. The Company has no contracts, commitments, arrangements or understandings with any of the selling shareholders who received shares in the transactions described above to create a public market or carry out any transaction in the shares. As such, the selling shareholders are not acting as a conduit for the Company, and the Company believes that the present registered offering is properly suited as a secondary offering and not an indirect primary offering.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">For the reasons set forth above, the Company respectfully submits to the Staff that the selling shareholders should not be deemed underwriters pursuant to the Securities Act. The vast majority of the selling shareholders were not a party to or an affiliate of a party to the Merger.  However, even for shareholders who could be deemed to be affiliates of the Company, such shareholders were longtime investors and shareholders in the </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Chris Edwards and Suzanne Hayes</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Securities and Exchange Commission</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">January 12, 2018</font></div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Page 3</font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Company (in each case, since early 2016 or before) or subject to the nine-month lockup or both, and the Company believes that such shareholders have already incurred the economic risk of their investments.</font><font style="font-family:inherit;font-size:10pt;">&#32;&#32;</font><font style="font-family:inherit;font-size:12pt;">None of these shareholders has any arrangement with any person to participate in the distribution of these securities. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Company has been advised that none of the 10% or greater shareholders of the Company and none of the pre-merger directors and officers and affiliates (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Affiliated Shareholders</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is a broker-dealer and, to the Company&#8217;s knowledge, none of the Affiliated Shareholders is in the business of underwriting securities. To the Company&#8217;s knowledge, the Affiliated Shareholders have not entered into any agreement, nor is any agreement contemplated, whereby the Affiliated Shareholders would serve as underwriters in connection with the Registration Statement. For the foregoing reasons, the Company respectfully submits that the Affiliated Shareholders did not acquire their shares with a view to distribution and should not be viewed as underwriters in connection with the Registration Statement.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">* * * * *</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Thank you for your prompt attention to the Company&#8217;s responses.  If you wish to discuss the responses being submitted herewith at any time, or if there is anything we can do to facilitate the Staff&#8217;s processing of these responses, please feel free to contact me at (847) 673-1700.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-top:24px;text-align:right;padding-left:0px;text-indent:0px;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;text-align:-moz-right;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:48.732943469785575%;border-collapse:collapse;text-align:left;margin-left:auto;margin-right:0;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:24px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Very truly yours,</font></div><div style="padding-top:24px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">/s/&#160;David A. Giljohann</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">David A. Giljohann, Ph.D.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Chief Executive Officer</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:32px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-top:32px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Enc.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Cc:&#160;&#160;&#160;&#160;&#160;&#160;Sam Zucker, Sidley Austin LLP</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">David S. Snyder, Chief Financial Officer of Exicure, Inc. </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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