SCYNEXIS Gets SME Designation From European Medicines Agency

SCYNEXIS Inc SCYX disclosed it has been granted the status of Small and Medium Sized Enterprise (SME) by the European Medicines Agency.

The company stated the SME status was established by the European regulator to lift innovation, as well as support smaller-sized companies with the objective to promote the development of fresh medicines in the region.

SCYNEXIS said that with the help of SME program, the businesses would be allowed to get financial incentives, regulatory fee reductions and waivers, apart from the European Union funding through national and regional level programs. Also, such enterprises could seek scientific advice, protocol assistance and other information and training.

The company's president and CEO, Marco Taglietti, said "We are pleased to receive SME status from the EMA and believe our company will greatly benefit from the financial incentives and the support offered through this special designation." He added that "We believe that the assistance this program provides will support the expansion of the SCY-078 development program in the Europe Union, and will strengthen our efforts to bring what is potentially the first in a new class of antifungal drugs to a global patient population."

Shares of the company traded up by 2.13 percent on Tuesday.