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

Rhea-AI Summary

SCYNEXIS, Inc. (NASDAQ: SCYX) has granted stock options and Restricted Stock Units (RSUs) to five new employees, totaling 41,000 stock options at an exercise price of $4.90 and 16,000 RSUs. These grants serve as inducements for accepting employment offers. The stock options vest over four years, with a one-year cliff, while RSUs vest over two years. SCYNEXIS is focused on developing innovative antifungal medicines, including its lead product, ibrexafungerp, recently approved by the FDA for treating fungal infections.

Positive

• Grant of 41,000 stock options and 16,000 RSUs to attract new talent.
• Stock options provide potential value at an exercise price of $4.90, reflecting the company's commitment to employee incentives.

Negative

• None.

JERSEY CITY, N.J., Feb. 03, 2022 (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 and Restricted Stock Units (“RSUs”) to five new employees. The grants consisted of stock options to purchase an aggregate of 41,000 shares of SCYNEXIS common stock at a per share exercise price of $4.90, the closing trading price on January 31, 2022, and 16,000 RSUs. The stock options and RSUs 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 RSUs will vest over 2 years, with 50% vesting each year on the anniversary of the first date of employment, provided the employee continues to provide service to SCYNEXIS. The stock options and RSUs 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 stock options did SCYNEXIS grant in February 2022?

SCYNEXIS granted 41,000 stock options at an exercise price of $4.90 as part of inducements for new employees.

What is the vesting schedule for SCYNEXIS stock options?

The stock options vest over four years, with one-fourth vesting after one year and the remainder vesting monthly for three years.

What are Restricted Stock Units (RSUs) granted by SCYNEXIS?

SCYNEXIS granted 16,000 RSUs, which vest over two years with 50% vesting each year on the anniversary of employment.

What is the primary focus of SCYNEXIS?

SCYNEXIS is focused on developing innovative medicines to combat drug-resistant fungal infections.

What is ibrexafungerp and its status?

Ibrexafungerp, SCYNEXIS's lead product, is approved by the FDA for treating fungal infections and is available in the U.S. as BREXAFEMME.