RESEARCH TRIANGLE PARK, N.C., June 16, 2014 (GLOBE NEWSWIRE) -- SCYNEXIS, Inc. (Nasdaq:SCYX), a clinical-stage company focused on developing novel anti-infectives to address drug-resistant infections, today provided a corporate progress update and reported financial results for the quarter ended March 31, 2014.
"With the successful completion of our initial public offering this spring, we have the capital to advance our lead program, SCY-078, for the treatment of serious, life-threatening invasive fungal infections," said Dr. Yves Ribeill, SCYNEXIS president and chief executive officer. "For the remainder of the year, we will focus our efforts on the initiation of a Phase 2 study of the oral formulation of SCY-078 for the treatment of invasive Candida infections while we work to finalize the IV formulation of this compound. We are developing SCY-078 in an effort to overcome limitations of existing therapies. Development of a drug with a novel mechanism of action with both IV and oral formulations for fungal infections could shorten patient hospital stays while providing an efficacious treatment against resistant Candida."
Recent Corporate Developments:
- Successfully completed an initial public offering, selling 6.2 million shares of common stock at a price of $10.00 per share, providing net proceeds of $40 million after payment of offering commissions and expenses and repayment of a $15 million credit facility;
- Appointed Carole Sable, M.D., to the role of Chief Medical Officer, adding significant expertise in the clinical development of infectious disease products; and
- Received a Qualified Infectious Disease Product (QIDP) designation from the Food and Drug Administration for lead program SCY-078 for oral use for the indications of invasive Candidiasis, including Candidemia, and invasive Aspergillosis, allowing SCYNEXIS to have priority review, eligibility for fast-track status, and an additional five years of U.S. market exclusivity for SCY-078.
2014 First Quarter Financial Results:
SCYNEXIS reported net income of $0.4 million for the first quarter of 2014, compared to a net loss of $2.1 million for the first quarter of 2013. The net income for the first quarter of 2014 was primarily due to a gain of $2.8 million from a derivative fair value adjustment, largely offset by an operating loss of $1.8 million. Net loss attributable to common stockholders for the first quarter of 2014 was $1.2 million. This compares to a net loss attributable to common stockholders of $2.1 million for the first quarter of 2013.
About SCYNEXIS
SCYNEXIS is a pharmaceutical company committed to the discovery, development and commercialization of novel anti-infectives to address significant unmet therapeutic needs. We are developing our lead product candidate, SCY-078, as a novel oral and intravenous (IV) drug for the treatment of serious and life-threatening invasive fungal infections. For more information, visit www.scynexis.com.
Forward Looking Statement
Statements contained in this press release regarding matters that are not historical facts 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. Risks are described more fully in SCYNEXIS's filings with the Securities and Exchange Commission, including without limitation its most recent Quarterly Report on Form 10-Q 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.
| SCYNEXIS, INC. | ||
| UNAUDITED CONDENSED STATEMENTS OF OPERATIONS | ||
| (in thousands, except share and per share data) | ||
| Three months ended March 31, | ||
| 2014 | 2013 | |
| Revenue — related party | $ 1,822 | $ 1,822 |
| Revenue | 2,883 | 2,973 |
| Total revenue | 4,705 | 4,795 |
| Cost of revenue | 3,960 | 4,148 |
| Gross profit | 745 | 647 |
| Operating expenses: | ||
| Research and development | 1,320 | 1,154 |
| Selling, general and administrative | 1,206 | 1,091 |
| Gain on sale of asset | -- | (514) |
| Total operating expenses | 2,526 | 1,731 |
| Loss from operations | (1,781) | (1,084) |
| Other income (expense): | ||
| Amortization of deferred financing costs and debt discount | (536) | (709) |
| Interest expense — related party | -- | (226) |
| Interest expense | (44) | (50) |
| Derivative fair value adjustment | 2,783 | -- |
| Other expense | (10) | -- |
| Total other income (expense): | 2,193 | (985) |
| Net income (loss) | 412 | (2,069) |
| Deemed dividend for beneficial conversion feature on Series D-2 preferred stock | (909) | -- |
| Deemed dividend for antidilution adjustments to convertible preferred stock | (214) | -- |
| Accretion of convertible preferred stock | (510) | -- |
| Net loss attributable to common stockholders | $ (1,221) | $ (2,069) |
| Per share information: | ||
| Net loss per common share, basic | $ (3.65) | $ (6.16) |
| Net loss per common share, diluted | $ (6.57) | $ (6.16) |
| SCYNEXIS, INC. | ||
| UNAUDITED CONDENSED BALANCE SHEET DATA | ||
| (in thousands) | ||
| March 31, 2014 | December 31, 2013 | |
| Total current assets | $ 2,292 | $ 2,953 |
| Total assets | 12,978 | 12,387 |
| Total current liabilities | 20,513 | 18,477 |
| Total liabilities | 33,403 | 33,339 |
| Total convertible preferred stock | 88,790 | 87,157 |
| Total stockholders' deficit | (109,215) | (108,109) |
| Total liabilities, convertible preferred stock, and stockholders' deficit | 12,978 | 12,387 |