Scynexis eyes going public

Apr. 01, 2014 @ 05:11 PM

Scynexis, a Durham-based pharmaceutical company that’s working on treatments for fungal infections, is looking to go public.
According to regulatory filings, the company expected to sell more than 4 million shares for between $12 and $14 per share.
At the high end of that range, the company would raise $59.2 million. The company is also offering additional shares to the underwriter that could raise more for the company.
With the capital, the company is looking to pay for costs associated with the launch of Phase 2 trials and the start of Phase 3 trials for its lead product candidate. In addition, the company also wants to use about $15 million to pay off debt.
The company’s lead product candidate is being developed as both an oral and an intravenous treatment for fungal infections. The company said the candidate has been shown to have been effective against two fungal specials, including strains that are drug-resistant, that are the cause of about 85 percent of U.S. invasive fungal infections.
Scynexis is looking to start enrolling patients in Phase 2 student in the second half of the year in a test of the drug using an oral dose of the company’s candidate for treatment of Candida infection, and to begin studies of the intravenous form in 2015.
The company would be the latest to go public behind the pharmaceutical developer Durham-based NephroGenex Inc., which is developing an oral treatment for kidney disease in people with type 2 diabetes, the Durham-based drug developer Argos Therapeutics Inc., and the parent company of Durham-based Square 1 Bank, an approximately 8-year-old commercial bank that serves start-up companies.