SCYNEXIS Announces First Quarter 2023 Financial Results and Provides Corporate Update

About this update from Scynexis, Inc.

[{"type":"text","content":"SCYNEXIS announced an exclusive license agreement with GSK plc (LSE/NYSE: GSK) for the global rights to develop and commercialize BREXAFEMME® (ibrexafungerp tablets). SCYNEXIS will receive an upfront payment from GSK of $90 million upon deal close with future performance-based milestone payments of up to $503 million and tiered royalties.SCYNEXIS ended Q1 with cash, cash equivalents and short-term investments of $54.8 million, and upon receipt of the upfront payment from GSK will have a projected cash runway of more than two years. JERSEY CITY, N.J., May 11, 2023 (GLOBE NEWSWIRE) -- (NASDAQ: SCYX), a biotechnology company pioneering innovative medicines to overcome and prevent difficult-to-treat and drug-resistant infections, today announced financial results for the first quarter ended March 31, 2023. “This quarter, we were very pleased to announce our partnership with GSK, which has the potential to create significant value and allow us to continue developing innovative therapies in areas of urgent need,” said David Angulo, M.D., President and Chief Executive Officer of SCYNEXIS. “There remains a pressing need for new antifungal drugs, and we are committed to developing groundbreaking therapies for patients. We are continuing to advance our clinical programs in ibrexafungerp, having recently completed enrollment in several late-stage clinical trials. The receipt of the upfront payment and potential for future milestones from our partner combined with our successful track record of delivering first-in-class medicines to market make us well-positioned to identify and advance solutions to critical health threats, including our next-generation triterpenoid antifungal SCY-247.\" Corporate Developments On March 30, 2023, SCYNEXIS announced that the Company has entered into an exclusive agreement with GSK to commercialize and further develop BREXAFEMME® (ibrexafungerp tablets) for all indications. Under the terms of the License Agreement, SCYNEXIS will receive an upfront payment of $90 million upon deal close. SCYNEXIS is eligible to receive potential milestone-based payments totaling $503 million, including development, regulatory approval, commercial and sales milestone payments. GSK will also pay royalties based on cumulative annual sales to the Company in the mid-single digit to mid-teen range. BREXAFEMME Commercial Updates BREXA...

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