SCYNEXIS Reports the Exercise of Warrants Totalling $7.9 Million
SCYNEXIS, Inc. (NASDAQ: SCYX) announced the exercise of warrants for 1.2 million shares by major stockholders, generating approximately $7.9 million. The warrants were part of a financing round from December 2019, with the remaining 3.2 million shares expiring unexercised. CEO Marco Taglietti highlighted this as a vote of confidence in the company's future, particularly following the launch of SCYNEXIS's first U.S. commercial product, BREXAFEMME, and ongoing clinical development for treating serious fungal infections.
- Exercise of warrants by significant stockholders indicates strong investor confidence.
- Proceeds of approximately $7.9 million strengthen SCYNEXIS's balance sheet.
- Continued progress in clinical development for treating serious fungal infections.
- 3.2 million shares of warrants expired unexercised, indicating potential investor hesitance.
JERSEY CITY, N.J., Dec. 03, 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 1.2 million shares of SCYNEXIS common stock by Federated Hermes Kaufmann Small Cap Fund and Dafna Lifescience LP for which SCYNEXIS accepted a reduced exercise price. Proceeds to SCYNEXIS are approximately
“We believe the exercise of warrants by two of our largest stockholders provides a significant sign of confidence in the future of SCYNEXIS, after a year that included the approval and launch of our first U.S. commercial product and continued progress in our clinical development programs to treat serious fungal infections in the hospital setting,” said Marco Taglietti, M.D., President and Chief Executive Officer of SCYNEXIS. “This additional cash influx strengthens our balance sheet and supports our important mission.”
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
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