SCYNEXIS Inc SCYX witnessed volatile trading Thursday after the company announced the completion of its Phase two trial and the closing of a $15 million term loan with Solar Capital Ltd SLRC.
The company indicated its oral SCY-078 demonstrated better clinical cure rates and fewer recurrences of vulvovaginal candidiasis (VVC) at the four-month follow up compared to the normal care in the first trial. The second trial of oral SCY-078 achieved the target exposure for efficacy and was well-tolerated.
Earlier, SCYNEXIS disclosed that SCY-078 demonstrated overall safety and tolerated in both the trials. The company revealed that in line with the earlier findings, the common "adverse events were mild to moderate gastrointestinal events like diarrhea nausea, vomiting, abdominal pain or discomfort."
President and CEO Marco Taglietti commented, "With these positive Phase 2 data in hand, we believe SCY-078 is now the most advanced novel agent in a new antifungal class that can address the growing issue of resistance. We are also pleased to announce the infusion of additional funds from Solar Capital, providing us with the financial strength and flexibility to accelerate and expand the development of SCY-078 and to leverage our internal antifungal platform."
At the end of September, the company had cash and cash equivalents of $58.4 million. This included the latest term loan.
At time of writing, the stock traded at $5.18, gaining $0.38, or 7.82 percent. Earlier, the stock hit $5.51, reflecting a 14.79 percent gain.
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