SCYNEXIS Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

SCYNEXIS (NASDAQ: SCYX) announced the grant of stock options to two new employees for a total of 5,200 shares at an exercise price of $7.38 per share, which matches the closing price on November 30, 2021. These options are part of SCYNEXIS' inducement strategy under the 2015 Inducement Award Plan, designed to attract new talent. Each option has a ten-year term, with vesting set at one-fourth on the one-year anniversary and the remainder in equal monthly installments thereafter.

Positive

• Inducement of new talent through stock options supports growth.
• Vesting schedule promotes employee retention.

Negative

• None.

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 fungal infections, today announced grants of stock options to two new employees to purchase an aggregate of 5,200 shares of SCYNEXIS common stock at a per share exercise price of $7.38, the closing trading price on November 30, 2021. The stock options were granted as material inducements to the new employees to accept SCYNEXIS’ offers of employment.

Each option has a ten-year term, with one-fourth of the shares subject to the option vesting on the one-year anniversary of the employee’s first date of employment and the remainder vesting in equal monthly installments for thirty-six months thereafter, provided the employee continues to provide service to SCYNEXIS. The stock options were granted pursuant to SCYNEXIS’ 2015 Inducement Award Plan, as amended, which was adopted by SCYNEXIS’ board of directors under Rule 5635(c)(4) for equity grants to induce new employees to enter into employment with SCYNEXIS.

About SCYNEXIS

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 (rVVC) and the treatment of life-threatening invasive fungal infections in hospitalized patients is ongoing. For more information, visit www.scynexis.com. 

CONTACT: 
Investor Relations
Irina Koffler
LifeSci Advisors
Tel: (646) 970-4681
ikoffler@lifesciadvisors.com

Media Relations
Gloria Gasaatura
LifeSci Communications
Tel: (646) 970-4688
ggasaatura@lifescicomms.com

FAQ

What recent stock option grants did SCYNEXIS announce?

SCYNEXIS announced the grant of stock options to two new employees to purchase 5,200 shares at $7.38 each.

What is the exercise price of the stock options granted by SCYNEXIS?

The stock options were granted at an exercise price of $7.38, the closing trading price on November 30, 2021.

How long is the term for the stock options granted by SCYNEXIS?

Each stock option has a ten-year term from the date of grant.

What is the vesting schedule for the stock options granted by SCYNEXIS?

One-fourth of the shares will vest on the one-year anniversary, with the remainder vesting in equal monthly installments over 36 months.

What plan was used for the stock option grants at SCYNEXIS?

The stock options were granted under SCYNEXIS' 2015 Inducement Award Plan.