SCYNEXIS Reports the Exercise of Warrants Totalling $21.1 Million

Rhea-AI Summary

SCYNEXIS, Inc. (NASDAQ: SCYX) announced the exercise of warrants for 3.37 million shares, gaining approximately $21.1 million. This follows an earlier $7.9 million received in December. The exercised warrants were part of Series 1 from a December 2020 financing. SCYNEXIS aims to bolster its financial position to support the commercialization of its first product, BREXAFEMME® (ibrexafungerp), approved by the FDA on June 1, 2021, alongside ongoing clinical trials targeting invasive fungal infections.

Positive

• Raised approximately $21.1 million through warrant exercise.
• Strengthened balance sheet supports BREXAFEMME commercialization.
• Earlier $7.9 million funding enhances financial stability.

Negative

• None.

JERSEY CITY, N.J., Dec. 22, 2021 (GLOBE NEWSWIRE) -- SCYNEXIS, Inc. (NASDAQ: SCYX), a biotechnology company pioneering innovative medicines to overcome and prevent difficult-to-treat and drug-resistant infections, today reported the exercise of warrants to purchase 3.37 million shares of SCYNEXIS common stock for which SCYNEXIS accepted a reduced exercise price. Gross proceeds to SCYNEXIS are approximately $21.1 million. The exercised warrants were issued as Series 1 warrants in the Company’s December 2020 financing. The remaining outstanding Series 1 warrants expired unexercised on December 21, 2021.

"With several of our largest shareholders participating in this warrant exercise, we were able to add a substantial amount to our balance sheet,” said Marco Taglietti, M.D., President and Chief Executive Officer of SCYNEXIS. “This cash influx, combined with the additional $7.9 million we received in early December, further supports the commercialization of our first product, BREXAFEMME^® (ibrexafungerp tablets), and our ongoing clinical development programs to treat life-threatening fungal infections in the hospital setting.”

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

FAQ

What recent financial move did SCYNEXIS make regarding stock warrants?

SCYNEXIS exercised warrants to purchase 3.37 million shares, generating approximately $21.1 million.

How much funding did SCYNEXIS receive in December 2021?

SCYNEXIS received an additional $7.9 million in early December 2021.

What is BREXAFEMME and its significance to SCYNEXIS?

BREXAFEMME® (ibrexafungerp) is SCYNEXIS's first commercial product approved by the FDA to treat fungal infections.

When was BREXAFEMME approved by the FDA?

BREXAFEMME was approved by the FDA on June 1, 2021.