Business
SCYNEXIS Reports Fourth Quarter and Full Year 2022 Financial Results and Provides Corporate Update
SCYNEXIS announced it has signed an exclusive agreement with GSK to commercialize and further develop BREXAFEMME® (ibrexafungerp tablets) for all indications.
About this update from Scynexis, Inc.
[{"type":"text","content":"SCYNEXIS announced it has signed an exclusive agreement with GSK to commercialize and further develop BREXAFEMME® (ibrexafungerp tablets) for all indications. GSK will make an upfront payment to SCYNEXIS of $90 million, as well as potential future milestones and tiered royalties. SCYNEXIS retains rights to all other assets in the novel “fungerp” antifungal class, including SCY-247, currently in preclinical investigation, with GSK having a right of first negotiation to these preclinical and discovery stage compounds. Enrollment is complete in the FURI and CARES Phase 3 trials of ibrexafungerp to fight serious drug-resistant refractory invasive fungal infections and in the SCYNERGIA Phase 2 trial of ibrexafungerp in invasive aspergillosis. SCYNEXIS ended Q4 2022 with cash, cash equivalents and short-term investments of $73.5 million, and upon closure of the GSK transaction and receipt of the upfront payment of $90 million, will have a projected cash runway of more than two years. JERSEY CITY, N.J., March 31, 2023 (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 financial results for the fourth quarter and full year ended on December 31, 2022. “We are thrilled to partner with GSK, a leading global organization in the fight against infectious diseases, an area of increasing public health urgency,” said David Angulo, M.D., President and Chief Executive Officer of SCYNEXIS. “For SCYNEXIS and our shareholders, this deal is transformational and creates significant value, both strengthening our balance sheet and enhancing the opportunity to deliver additional innovative therapies to patients with unmet needs. We will continue advancing ibrexafungerp clinical programs and are in a strong financial position to execute our strategic priorities this year and beyond. With our good track record of efficiently bringing to market first-in-class compounds and the additional resources on hand, our organization is well positioned to continue developing groundbreaking therapies, including our next generation fungerp SCY-247.” BREXAFEMME Commercial Updates BREXAFEMME net sales were $1.4 million in Q4 2022 and $5.0 million in 2022. According to IQVIA data, there were 5,125 total prescriptions for BREXAFEMME...