Scynexis slips after strategic changes to develop vaginal infection drug

Scynexis

20/10/2022 15:07

** Shares of biotechnology company SCYNEXIS Inc  SCYX.O 
fall ~11% to $2.6
    ** Co announces strategic updates focusing resources on
clinical development of drug ibexafungerp, and expects approval
in hospital setting in 2024 to generate higher long-term
returns urn:newsml:reuters.com:*:nGNX62hfjb
    ** Also intends to out-license ibexafungerp tablets in
treating vulvovaginal candidiasis (VVC), a yeast infection of
the vagina and vulva; awaiting U.S. FDA's decision on approval
by Nov 30  urn:newsml:reuters.com:*:nL4N2ZD32I
    ** Under the new strategy, co expects to conclude
partnership with commercial sales partner Amplify Health by
November-end and will undertake a workforce reduction 
    ** SCYX says Marco Taglietti will retire as co-CEO by end of
the year and David Angulo will take his place, effective Jan 1
    ** Co expects to use restructuring resources towards
hospital programs to extend cash runway into Q2 2024
    ** Including session's loss, stock down 52.9% YTD
 (Reporting by Pratik Jain)
 ((Pratik.Jain@thomsonreuters.com))