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

Rhea-AI Summary

SCYNEXIS, Inc. (NASDAQ: SCYX) announced the granting of stock options to five new employees, allowing them to purchase a total of 24,500 shares at an exercise price of $6.97 per share, the closing price on July 30, 2021. This grant serves as an incentive for accepting job offers and will vest over a four-year period. SCYNEXIS focuses on developing innovative antifungal treatments, including the recently FDA-approved BREXAFEMME (ibrexafungerp), targeting drug-resistant infections in both community and hospital settings.

Positive

• FDA approval of BREXAFEMME on June 1, 2021, enhancing market presence.
• Stock options granted to attract new talent, aligning employee interests with company growth.

Negative

• None.

JERSEY CITY, N.J., Aug. 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 five new employees to purchase an aggregate of 24,500 shares of SCYNEXIS common stock at a per share exercise price of $6.97, the closing trading price on July 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 SCYNEXI
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 stock options were granted by SCYNEXIS on August 2, 2021?

SCYNEXIS granted stock options to purchase 24,500 shares at an exercise price of $6.97 each.

How many employees received stock options from SCYNEXIS?

Five new employees received stock options.

What is the significance of the stock options granted by SCYNEXIS?

The stock options serve as inducements for new hires to join SCYNEXIS, aligning their interests with the company's performance.

What is SCYNEXIS known for?

SCYNEXIS is known for developing innovative antifungal treatments, including the recently approved BREXAFEMME.

What is the closing price of SCYNEXIS stock on July 30, 2021?

The closing price of SCYNEXIS stock on July 30, 2021, was $6.97.