Le Lézard
Classified in: Health, Science and technology, Business
Subjects: ERN, TRI

SCYNEXIS Reports First Quarter 2018 Financial Results and Provides Company Update


JERSEY CITY, N.J., May 8, 2018 /PRNewswire/ -- SCYNEXIS, Inc. (NASDAQ:SCYX), a biotechnology company delivering innovative anti-infective therapies for difficult-to-treat and often life-threatening infections, today reported financial results for the quarter ended March 31, 2018, and provided an update on recent operational and clinical developments.

"The first quarter of 2018 was one of significant clinical progress in what has the potential to be a transformative year for SCYNEXIS with multiple anticipated milestones," said Marco Taglietti, M.D., President and Chief Executive Officer of SCYNEXIS. "We remain on track to report top-line data from the Phase 2b, dose-finding study evaluating oral SCY-078 for the treatment of vulvovaginal candidiasis (VVC) by July 2018, with Phase 3 initiation planned for the fourth quarter. We also anticipate continued progress toward expanding the therapeutic utility of SCY-078 with the planned initiation of clinical trials in invasive candidiasis and invasive aspergillosis in the second half of the year, as well as the advancement of our programs targeting refractory invasive fungal infections. We are well-positioned to realize the promise of SCY-078 as a potent and versatile antifungal agent."

Clinical and Regulatory Update for Lead Program ? SCY-078 as a Treatment for VVC

Continued Advancement of IV SCY-078 Program with Liposomal Formulation

Pre-clinical Data Support Continued Development of SCY-078 for Invasive Fungal Infections

Corporate Update

First Quarter 2018 Financial Results

Cash and cash equivalents and short-term investments totaled $63.7 million as of March 31, 2018, with net working capital of $53.5 million.

Research and development expenses increased to $5.3 million in the first quarter of 2018, compared to $4.0 million in the first quarter of 2017. The increase of $1.3 million, or 33%, was primarily driven by an increase of $0.7 million in pre-clinical development expense, a $0.7 million increase in clinical development expense, a $0.4 million increase in chemistry, manufacturing, and controls (CMC), and a net increase of $0.2 million in other research and development costs; offset by a decrease in consulting expense of $0.7 million.

Selling, general and administrative expenses of $2.0 million in the first quarter of 2018 were consistent compared to the selling, general and administrative expenses of $2.1 million in the first quarter of 2017.

Total other income increased to $3.2 million in the first quarter of 2018 due to a $3.6 million non-cash gain recorded on the fair value adjustment of the warrant liabilities.

Net loss for the first quarter of 2018 was $4.0 million, or $0.12 basic net loss per share. This compares to a net loss for the first quarter of 2017 of $4.9 million, or $0.19 basic net loss per share.

About SCYNEXIS

SCYNEXIS, Inc. (NASDAQ: SCYX) is a biotechnology company committed to positively impacting the lives of patients suffering from difficult-to-treat and often life-threatening infections by delivering innovative anti-infective therapies. The SCYNEXIS team has extensive experience in the life sciences industry, discovering and developing more than 30 innovative medicines over a broad range of therapeutic areas. The Company's lead product candidate, SCY-078, is a novel IV/oral antifungal agent in Phase 2 clinical and pre-clinical development for the treatment of several serious and life-threatening invasive fungal infections caused by Candida and Aspergillus species. For more information, visit www.scynexis.com.

Forward Looking Statement
Statements contained in this press release regarding expected future events or results, including but not limited to the Company's plans regarding clinical developments, timing of data review for the DOVE trial, possible initiation of a Phase 3 registration program in VVC and timing of potential NDA filing, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited, to: risks inherent in SCYNEXIS's ability to successfully develop and obtain FDA approval for SCY-078; the expected costs of studies and when they might begin or be concluded; and SCYNEXIS's reliance on third parties to conduct SCYNEXIS's clinical studies. These and other risks are described more fully in SCYNEXIS's filings with the Securities and Exchange Commission, including without limitation, its most recent Annual Report on Form 10-K under the caption "Risk Factors" and other documents subsequently filed with or furnished to the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. SCYNEXIS undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

CONTACT:

Investor Relations
Susan Kim
Argot Partners
Tel: 212-203-4433
[email protected]

Media Relations
George E. MacDougall
MacDougall Biomedical Communications
Tel: 781-235-3093
[email protected]

 

 

SCYNEXIS, INC.

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)




     Three Months Ended March 31,


2018


2017

Revenue

$

64



$

64

Operating expenses:




Research and development, net

5,326



4,020

Selling, general and administrative

1,971



2,060

Total operating expenses

7,297



6,080

Loss from operations

(7,233)



(6,016)

Other (income) expense:




Amortization of debt discount

111



100

Interest income

(167)



(69)

Interest expense

379



345

Warrant liabilities fair value adjustment

(3,554)



(1,523)

Total other income

(3,231)



(1,147)

Net loss

$

(4,002)



$

(4,869)

       Warrant liability fair value adjustment

?



(1,523)

Net loss attributable to common stockholders ? diluted

$

(4,002)



$

(6,392)

Net loss per share attributable to common stockholders ? basic







       Net loss per share ? basic

$

(0.12)



$

(0.19)

Loss per share attributable to common stockholders - diluted




Net loss per share ? diluted

$

(0.12)



$

(0.25)

Weighted average common shares outstanding:




Basic

33,579,025



25,364,429

Diluted

33,579,025



25,562,027








 

 

SCYNEXIS, INC.

UNAUDITED CONDENSED BALANCE SHEETS

(in thousands)




March 31, 2018


December 31, 2017

Cash and cash equivalents

$

27,223



$

11,469


Short-term investments

36,477



32,424


Total current assets

64,345



44,960


Total assets


65,488




45,850


Loan payable, current portion

3,599



4,349


Warrant liability

2,728



?


Total current liabilities

10,852



10,144


Warrant liabilities

6,571



3,872


Loan payable, long term

11,164



10,303


Total liabilities

28,644



24,440


Total stockholders' equity

36,844



21,410


Total liabilities and stockholders' equity

$

65,488



$

45,850


 

SOURCE SCYNEXIS, Inc.


These press releases may also interest you

at 11:08
AERKOMM Inc. (Euronext: AKOM, OTCQX: AKOM, "AERKOMM"), an innovative satellite technology company providing multi-orbit broadband connectivity solutions, and IX Acquisition Corp , a SPAC focused on the technology, media and telecommunications...

at 11:00
American Bureau of Shipping, CALAMCO, Fleet Management Limited, Sumitomo Corporation and TOTE Services, LLC ("TOTE Services") today announced the execution of a Memorandum of Understanding (MOU) to jointly conduct a feasibility study (hereinafter...

at 10:30
Unifi Aviation is making a pledge to employ 500 refugees over the next three years, a commitment the company made at the second annual TENT U.S. Business Summit on Refugees hosted by Pfizer at its global headquarters in New York City on March 26....

at 10:15
Today, Investopedia announced the winners of its 2024 Best Online Broker Awards, featuring 14 categories highlighting winners whose products and services helped investors navigate rising but volatile markets, a crypto resurgence, and new assets like...

at 10:12
NerdsToGo®, a leading information technology (IT) solutions and technology repair services franchise for both business and home, announced today plans for its strategic expansion throughout the greater Chicago area with 20 new territories available...

at 10:10
The group division of Ameritas proudly announces its 17th consecutive certification as a BenchmarkPortal Center of Excellence, solidifying its position as a leader in customer service and support excellence. This prestigious recognition for 2023...



News published on and distributed by: