Business briefs, May 3
Scynexis makes public stock debut
DURHAM –Durham-based Scynexis Inc., a drug development company that’s working on a fungal infection treatment, made its debut on the stock market Friday.
At the end of trading on the day, the company’s shares were down 10 percent to $9 from the initial public offering price of $10.
The company set an initial price of $10 per share before underwriting discounts and commissions. At that price, the company expected to bring in $55.1 million. And if the underwriters were to use an option to buy an additional 930,000 shares, the company expected to bring in $63.8 million.
Scynexis is expected to enroll its first patient in Phase 2 trials in the second half of this year testing its lead fungal infection product candidate against a range of Candida and Aspergillus fungal species. In regulatory filings, the company said make up for about 85 percent of invasive fungal infections in the Untied States and Europe.
FHI360 CEO in place
DURHAM – Durham-based FHI 360 has a new CEO.
Patrick C. Fine has begun his tenure as the new chief executive at the human development organization, which was previously known as Family Health International.
Fine succeeds Albert J. Siemens, who announced his plans to retire in November.
“It is a great privilege to continue Dr. Siemens’ legacy and to advance FHI 360’s mission of making a meaningful difference in communities around the world,” Fine said in a statement in a news release.
Fine joined FHI 360 as chief operating officer in April of last year, bringing more than 35 years of experience in international development experience to his position.
Before joining FHI 360, he held leadership positions with the U.S. Agency for International Development, the Millennium Challenge Corp., and the Academy for Educational Development.