SCYNEXIS Reports the Exercise of Warrants Totalling $7.9 Million
JERSEY CITY, N.J., Dec. 03, 2021 (GLOBE NEWSWIRE) -- SCYNEXIS, Inc. (NASDAQ: SCYX), a biotechnology company pioneering innovative medicines to overcome and prevent difficult-to-treat and drug-resistant infections, today reported the exercise of warrants to purchase 1.2 million shares of SCYNEXIS common stock by Federated Hermes Kaufmann Small Cap Fund and Dafna Lifescience LP for which SCYNEXIS accepted a reduced exercise price. Proceeds to SCYNEXIS are approximately $7.9 million. The exercised warrants were issued in SCYNEXIS’s December 2019 financing. The remaining warrants issued in the December 2019 financing covering approximately 3.2 million shares of common stock expired unexercised on December 2, 2021.
“We believe the exercise of warrants by two of our largest stockholders provides a significant sign of confidence in the future of SCYNEXIS, after a year that included the approval and launch of our first U.S. commercial product and continued progress in our clinical development programs to treat serious fungal infections in the hospital setting,” said Marco Taglietti, M.D., President and Chief Executive Officer of SCYNEXIS. “This additional cash influx strengthens our balance sheet and supports our important mission.”
SCYNEXIS, Inc. (NASDAQ: SCYX) is a biotechnology company pioneering innovative medicines to help millions of patients worldwide overcome and prevent difficult-to-treat infections that are becoming increasingly drug-resistant. SCYNEXIS scientists are developing the company’s lead asset, ibrexafungerp (formerly known as SCY-078), as a broad-spectrum, systemic antifungal for multiple fungal indications in both the community and hospital settings. SCYNEXIS has initiated the launch of its first commercial product in the U.S., BREXAFEMME® (ibrexafungerp tablets). The U.S. Food and Drug Administration (FDA) approved BREXAFEMME on June 1, 2021. In addition, late-stage clinical investigation of ibrexafungerp for the prevention of recurrent Vulvovaginal Candidiasis (VVC) and the treatment of life-threatening invasive fungal infections in hospitalized patients is ongoing. For more information, visit www.scynexis.com.
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Released December 3, 2021