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

Rhea-AI Summary

SCYNEXIS announced stock options grants for four new employees totaling 18,100 shares at an exercise price of $7.36, aligning with the closing price on June 30, 2021. The options, part of the 2015 Inducement Award Plan, vest over four years, promoting employee retention. This initiative aims to attract talent in the biotech sector, focusing on innovative antifungal treatments.

SCYNEXIS is advancing ibrexafungerp, a drug targeting drug-resistant fungal infections, with FDA approval for BREXAFEMME on June 1, 2021.

Positive

• Stock options granted for new employees signal recruitment and retention efforts.
• Ibrexafungerp's FDA approval enhances SCYNEXIS's market position.

Negative

• None.

JERSEY CITY, N.J., July 02, 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 four new employees to purchase an aggregate of 18,100 shares of SCYNEXIS common stock at a per share exercise price of $7.36, the closing trading price on June 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. We are developing our 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. The New Drug Application (NDA) for BREXAFEMME^® (ibrexafungerp tablets) was approved by the U.S. Food and Drug Administration (FDA) on June 1, 2021. For more information, visit www.brexafemme.com. We are also continuing late-stage clinical development of ibrexafungerp for the prevention of recurrent VVC as well as the treatment of life-threatening invasive fungal infections in hospitalized patients. 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 is the significance of SCYNEXIS's stock options grant on July 2, 2021?

The stock options grant aims to attract and retain talent within SCYNEXIS as part of their growth strategy.

What is the stock price at which SCYNEXIS granted stock options?

The stock options were granted at an exercise price of $7.36, the closing price on June 30, 2021.

What is SCYNEXIS's lead product?

SCYNEXIS is developing ibrexafungerp, an antifungal treatment for drug-resistant infections.

When did SCYNEXIS receive FDA approval for BREXAFEMME?

SCYNEXIS received FDA approval for BREXAFEMME on June 1, 2021.