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

Rhea-AI Summary

SCYNEXIS, Inc. (NASDAQ: SCYX) announced stock options grants totaling 23,000 shares to three new employees, incentivizing their acceptance of job offers. The options, priced at $2.11 per share, are part of SCYNEXIS' 2015 Inducement Award Plan. Each option has a ten-year term, with one-fourth of shares vesting after one year, followed by monthly vesting for three years, contingent on continued employment. SCYNEXIS focuses on innovative antifungal treatments, with its product BREXAFEMME recently approved by the FDA.

Positive

• Granting of stock options may attract talented employees.
• Recent FDA approval of BREXAFEMME strengthens product portfolio.

Negative

• None.

JERSEY CITY, N.J., June 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 to three new employees. The grants consisted of stock options to purchase an aggregate of 23,000 shares of SCYNEXIS common stock at a per share exercise price of $2.11, the closing trading price on May 31, 2022. 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, clinical investigation and development of oral ibrexafungerp for the prevention of recurrent vulvovaginal candidiasis (VVC) 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
Brett Whelan
LifeSci Communications
Tel: (339) 368-0466
bwhelan@lifescicomms.com

FAQ

What stock options did SCYNEXIS grant recently?

SCYNEXIS granted stock options totaling 23,000 shares to three new employees.

What is the exercise price of SCYNEXIS' stock options?

The stock options are priced at $2.11 per share.

What is BREXAFEMME and when was it approved?

BREXAFEMME is an antifungal product approved by the FDA on June 1, 2021.

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

One-fourth of the shares vest on the one-year anniversary of employment, with the remainder vesting monthly over three years.