SCYNEXIS, Inc. raised $22.5 million in its follow-on offering of 9,375,000 shares of its common stock and warrants to purchase 4,218,750 shares of its common stock. The shares and warrants are being sold at a public offering price of $2.40 per share. The shares of common stock and warrants will be issued separately. The warrants are exercisable immediately upon issuance, have a five-year term and an exercise price of $3.00 per share. Needham acted as the co-lead manager on the transaction. The net proceeds from the sale of the shares and warrants from the offering will be used by SCYNEXIS, Inc. for general corporate purposes, which may include working capital, capital expenditures, other corporate expenses, and strategic acquisitions.
SCYNEXIS, Inc. (NASDAQ: SCYX) is a pharmaceutical company committed to the development and commercialization of novel anti-infectives to address significant unmet therapeutic needs. SCYNEXIS is developing its lead product candidate, SCY-078, as an oral and IV drug for the treatment of several fungal infections, including serious and life-threatening invasive fungal infections.