Business
SCYNEXIS to Strengthen its Balance Sheet with Non-Dilutive Funding Through the New Jersey Economic Development Authority Net Operating Loss and R&D Tax Credits Program
JERSEY CITY, N.J., Oct. 10, 2019 /PRNewswire/ -- SCYNEXIS, Inc. (NASDAQ: SCYX), a biotechnology company delivering innovative therapies for difficult-to-treat
About this update from Scynexis, Inc.
[{"type":"text","content":"JERSEY CITY, N.J., Oct. 10, 2019 /PRNewswire/ -- SCYNEXIS, Inc. (NASDAQ: SCYX), a biotechnology company delivering innovative therapies for difficult-to-treat and often life-threatening infections, has received notification from the State of New Jersey of its available unused net operating losses (NOLs) and R&D tax credits that can be sold under the New Jersey Economic Development Authority's (NJEDA) Technology Business Tax Certificate Transfer (NOL) program. SCYNEXIS anticipates it will be able to monetize these unused NOLs and tax credits and expects to receive approximately $3.3 million in cash by the end of 2019. The exact amount of NOLs and tax credits to be sold will be determined by the NJEDA after reviewing all qualified applications. \nThis will be the second non-dilutive NOL-related cash injection through the NJEDA for SCYNEXIS. In January 2019, SCYNEXIS announced the receipt of approximately $6.7 million of net cash proceeds through the sale of unused New Jersey NOLs for the tax years 2015, 2016 and 2017. \n\"We commend the State of New Jersey for its commitment to and strong support of the New Jersey biotech community,\" said Eric Francois, Chief Financial Officer of SCYNEXIS. \"SCYNEXIS is committed to identifying non-dilutive forms of cash injections, and the NJEDA's NOL program has proven to be an efficient source of funding for SCYNEXIS to support our research and development operations. The approximately $3.3 million non-dilutive cash injection we expect to receive by the end of this year, like the $6.7 million received in January 2019, will provide us more flexibility as we continue to prepare for our first NDA submission for the treatment of vulvovaginal candidiasis in the second of half of 2020.\"\nThe NOL program, administered by the NJEDA, enables approved biotechnology companies to sell their unused NOLs and R&D tax credits to unaffiliated, profitable corporate taxpayers in the State of New Jersey. This allows biotechnology companies with NOLs to turn their losses into credits and into cash proceeds to immediately realize much of the future value of these tax benefits, up to a maximum lifetime benefit of $15 million per business. For more details on the funding for this year's NOL program, please visit www.njeda.com.\nAbout SCYNEXIS\nSCYNEXIS, Inc. (NASDAQ: SCYX) is a biotechnology company committe...