Scynexis, which spun out of
Scynexis doesn't yet have a drug on the market and is years away from having one. Its leading drug candidate is an intravenous drug for treating serious and life-threatening fungal infections. It licensed the drug from pharmaceutical giant Merck last year.
The drug, SCY-078, demonstrated in animal studies that it is effective against a broad range of fungal species accounting for 85 percent of the fungal infections in the U.S. and
The company expects to begin enrolling patients for a Phase 2 study of an oral version of SCY-078 in the second half of this year. The company also would have to complete a larger Phase 3 study before it can seek marketing approval from regulators.
Scynexis also is working on an intravenous version of SCY-078.
Three Triangle biotech companies went public in 2013, and two more companies --
Net loss last year
Last year Scynexis generated
Scynexis needs the money that an IPO would provide. As of
Scynexis' accounting firm, Deloitte & Touche, noted that the company's recurring losses and negative cash flows "raise substantial debate about the company's ability to continue as a going concern."
Scynexis noted in its filing that it expects to receive continued support from its existing investors, which, combined with a successful IPO, "would enable the company to carry on its activities and meet its obligations for at least the next 12 months."
Scynexis hopes to trade on Nasdaq under the symbol "SCYX."
(c)2014 The News & Observer (Raleigh, N.C.)
Visit The News & Observer (Raleigh, N.C.) at www.newsobserver.com
Distributed by MCT Information Services