Scynexis Raises $60M Via Term Loan Ahead Of Expected Approval Of Vaginal Yeast Infection Treatment

Scynexis Inc SCYX is taking out a loan to ensure it can hit the ground running for a potential commercial launch of ibrexafungerp for vaginal yeast infections as the PDUFA date of June 1 is just around the corner.
The company closed terms on a $60 million loan with Hercules Capital and Silicon Valley Bank. Approval of the program is anticipated, after which the oral antifungal will be branded as Brexafemme.
The loan not only provides resources for the launch in yeast infections but “also the continued advancement of our ibrexafungerp pipeline in recurrent vulvovaginal candidiasis (VVC) and in life-threatening fungal infections in the hospital setting,” CEO Marco Taglietti said in a statement.
Per the agreement, the loan will become available to Scynexis in four tranches, the first of which consists of $20 million and becomes immediately available.
The second tranche of $10 million will be triggered upon the FDA approval of Brexafemme and be available through June 30, 2022. The third tranche of $5 million will open should the CANDLE VVC study hit its primary endpoint.
The remaining $25 million will be available in $5 million increments from the beginning of 2022 through the end of 2023, contingent on other conditions.
The loan is expected to mature in the first quarter of 2025.
Price Action: SCYX shares are trading 3.68% higher at $7.04 during the market session on the last check Friday.