SCYNEXIS, Inc. Reports Third Quarter 2014 Financial Results
RESEARCH TRIANGLE PARK, N.C., Nov. 13, 2014 (GLOBE NEWSWIRE) -- Drug discovery and development company SCYNEXIS, Inc. (Nasdaq:SCYX) today reported financial results for the third quarter ended September 30, 2014.
"This quarter we've taken two important steps forward in the development of SCY-078 for treatment of patients with invasive fungal infections," said Yves J. Ribeill, Ph.D., President and CEO of SCYNEXIS. "First, we are actively screening for patients and are on track to dose the first patient in our Phase 2 study of invasive Candida infections before year-end. Additionally, the recent licensing of SCY-635 to Waterstone Pharmaceutical allows us to continue to increase our focus on SCY-078 and the ongoing Phase 2 development activities of this important potential therapy."
- Initiated patient screening for enrollment in our Phase 2 clinical trial of SCY-078 for the treatment of invasive Candida infections.
- Expect to enroll the first patient in our Phase 2 clinical trial for SCY-078 before the end of 2014.
- Entered into an exclusive, worldwide license agreement granting Waterstone Pharmaceutical (HK Limited) rights for the development and commercialization of our proprietary compound, SCY-635, for the treatment of viral diseases in humans, as well as the option to license two additional cyclophilin inhibitors from SCYNEXIS.
2014 Third Quarter Financial Results
SCYNEXIS reported a net loss of $3.8 million, or $0.45 per diluted common share, for the third quarter of 2014, compared to a net loss of $4.0 million, or $11.79 per diluted common share, for the third quarter of 2013.
Research and development expenses for the third quarter of 2014 increased to $2.5 million, compared to $1.1 million for the same period in 2013. The increase of $1.4 million was primarily due to increased costs associated with the SCY-078 Phase 2 clinical trial and the preclinical development of intravenous SCY-078.
Cash and cash equivalents totaled $34.0 million as of September 30, 2014.
About SCYNEXIS, Inc.
SCYNEXIS is a pharmaceutical company committed to the discovery, development and commercialization of novel anti-infectives to address significant unmet therapeutic needs. We are developing our lead product candidate, SCY-078, as an oral and intravenous (IV) drug for the treatment of serious and life-threatening invasive fungal infections in humans. For more information, visit www.scynexis.com.
Forward Looking Statement
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Risks are described more fully in SCYNEXIS's filings with the Securities and Exchange Commission, including without limitation its most recent Quarterly Report on Form 10-Q and other documents subsequently filed with or furnished to the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. SCYNEXIS undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
|UNAUDITED CONDENSED STATEMENTS OF OPERATIONS|
|(in thousands, except share and per share data)|
|Three months ended September 30,||Nine months ended September 30,|
|Revenue — related party||$ 1,822||$ 1,822||$ 5,466||$ 5,466|
|Cost of revenue||3,660||3,986||11,800||12,531|
|Research and development||2,478||1,050||5,621||3,203|
|Selling, general and administrative||2,046||1,141||5,507||3,150|
|Gain on insurance recovery||—||—||(165)||—|
|Gain on sale of asset||—||(2)||—||(988)|
|Total operating expenses||4,524||2,189||10,963||5,365|
|Loss from operations||(3,804)||(2,012)||(9,036)||(4,712)|
|Other (income) expense:|
|Amortization of deferred financing costs and debt discount||—||982||755||2,504|
|Loss on extinguishment of debt||—||—||1,389||—|
|Interest expense — related party||—||249||—||703|
|Derivative fair value adjustment||—||671||(10,080)||671|
|Total other (income) expense:||—||1,948||(7,877)||4,020|
|Net loss||$ (3,804)||$ (3,960)||$ (1,159)||$ (8,732)|
|Deemed dividend for beneficial conversion feature on Series D-2 preferred stock||—||—||(909)||—|
|Deemed dividend for antidilution adjustments to convertible preferred stock||—||—||(214)||—|
|Accretion of convertible preferred stock||—||—||(510)||—|
|Net loss attributable to common stockholders||$ (3,804)||$ (3,960)||$ (2,792)||$ (8,732)|
|Net loss per share attributable to common stockholders: |
|Basic||$ (0.45)||$ (11.79)||$ (0.59)||$ (25.99)|
|Diluted||$ (0.45)||$ (11.79)||$ (2.59)||$ (25.99)|
|Weighted average shares outstanding:|
| The issuance of common stock and the conversion of convertible preferred stock to common stock in conjunction with our IPO in May 2014 caused a significant increase in common shares outstanding and impacted the comparability of our net loss per share calculations between 2013 and 2014 periods.|
|UNAUDITED CONDENSED BALANCE SHEET DATA|
|September 30, 2014||December 31, 2013|
|Cash and cash equivalents||$ 34,036||$ 1,402|
|Total current assets||36,798||2,953|
|Total current liabilities||3,197||18,477|
|Total convertible preferred stock||—||87,157|
|Total stockholders' equity (deficit)||36,142||(108,109)|
|Total liabilities, convertible preferred stock, and stockholders' equity (deficit)||41,964||12,387|
CONTACT: Media Relations Heather Savelle MacDougall Biomedical Communications Tel: 781-235-3060 E-mail: email@example.com SCYNEXIS, Inc. Chuck Osborne Chief Financial Officer Tel: 919-544-8600 E-mail: firstname.lastname@example.org Investor Relations Jillian Connell The Trout Group LLC Tel: 646-378-2956 E-mail: email@example.com