UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
As previously disclosed, on May 13, 2021, SCYNEXIS, Inc. entered into a Loan and Security Agreement (the “Loan Agreement”) with Hercules Capital, Inc. (“Hercules”), as administrative agent and collateral agent (in such capacity, the “Agent”) and a lender, and Silicon Valley Bank, as a lender (“SVB,” and collectively with Hercules in such capacity, the “Lenders”) for an aggregate principal amount of up to $60.0 million (the “Term Loan”). Pursuant to the Loan Agreement, the Term Loan is available to SCYNEXIS in four tranches, subject to certain terms and conditions, and SCYNEXIS had previously received the initial tranche of $20.0 million from the Lenders as part of the closing of the Term Loan facility. The second tranche of the Term Loan, consisting of up to an additional $10.0 million, became available to SCYNEXIS upon receipt of approval from the Food and Drug Administration of ibrexafungerp for the treatment of vaginal yeast infections (the “First Performance Milestone”), and on June 23, 2021 SCYNEXIS, Inc. received the additional $10 million under the Term Loan.
For further information on the Loan Agreement, see the Current Report on Form 8-K filed by SCYNEXIS with the Securities and Exchange Commission on May 14, 2021.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SCYNEXIS, Inc. |
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Date: June 23, 2021 |
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By: |
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/s/ Marco Taglietti |
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Name: |
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Marco Taglietti, M.D. |
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Its: |
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Chief Executive Officer |