Business
SCYNEXIS Reports Second Quarter 2023 Financial Results and Provides Corporate Update
SCYNEXIS reported the closing of an exclusive license agreement with GSK for BREXAFEMME® (Ibrexafungerp Tablets). SCYNEXIS received an upfront payment of $90
About this update from Scynexis, Inc.
[{"type":"text","content":"SCYNEXIS reported the closing of an exclusive license agreement with GSK for BREXAFEMME® (Ibrexafungerp Tablets). SCYNEXIS received an upfront payment of $90 million upon deal close.SCYNEXIS announced the achievement of the first development milestone of $25 million under the exclusive license agreement with GSK, based on the progression of the Phase 3 MARIO trial of ibrexafungerp in invasive candidiasis.SCYNEXIS and partner Hansoh Pharma announced the acceptance of a New Drug Application (NDA) by China’s National Medical Products Administration (NMPA) for oral ibrexafungerp tablets for the treatment of adult and post-menarchal pediatric females with vulvovaginal candidiasis in the Chinese mainland.IND enabling development for SCY-247, the next generation fungerp, continues to advance.With cash, cash equivalents and investments of $91.9 million as of June 30, 2023, and future receipt of the $25 million development milestone from GSK, SCYNEXIS anticipates modest near-term spending and a projected cash runway beyond two years. JERSEY CITY, N.J., Aug. 14, 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 second quarter ended June 30, 2023. “In the second quarter, we continued to execute on our key priorities, by maximizing ibrexafungerp’s value and by advancing our ground-breaking class of antifungals to fight serious global health threats,” said David Angulo, M.D., President and Chief Executive Officer of SCYNEXIS. “We were pleased to achieve the first development milestone under our exclusive licensing agreement with GSK based on the progress of the Phase 3 ibrexafeungerp MARIO study and to report the successful NDA filing of ibrexafungerp for VVC in China. Our innovative triterpenoid antifungal platform is poised to provide significant value and we are rapidly advancing the next generation fungerp SCY-247 and anticipate filing an IND in 2024. With our current cash balance and modest projected spending over the next years, we are well-positioned to support the entire clinical development of SCY-247 and continue the fight against life-threatening fungal infections.\" Corporate Developments On June 21, 2023, SCYNEXIS announced the achievement of a $25 millio...