JERSEY CITY, N.J., Oct. 10, 2019 /PRNewswire/ -- SCYNEXIS, Inc.
(NASDAQ: SCYX), a biotechnology company delivering innovative
therapies for difficult-to-treat and often life-threatening
infections, has received notification from the State of New Jersey of its available unused
net operating losses (NOLs) and
R&D tax credits that can be sold under the New Jersey Economic
Development Authority's (NJEDA) Technology Business Tax Certificate Transfer
(NOL) program. SCYNEXIS anticipates it will be able to monetize
these unused NOLs and tax credits
and expects to receive approximately $3.3
million in cash by the end of 2019. The exact amount of
NOLs and tax credits to be sold
will be determined by the NJEDA after reviewing all qualified
applications.
This will be the second non-dilutive NOL-related cash injection
through the NJEDA for SCYNEXIS. In January
2019, SCYNEXIS announced the receipt of approximately
$6.7 million of net cash proceeds
through the sale of unused New
Jersey NOLs for the tax
years 2015, 2016 and 2017.
"We commend the State of New
Jersey for its commitment to and strong support of the
New Jersey biotech community,"
said Eric Francois, Chief Financial
Officer of SCYNEXIS. "SCYNEXIS is committed to identifying
non-dilutive forms of cash injections, and the NJEDA's NOL program
has proven to be an efficient source of funding for SCYNEXIS to
support our research and development operations. The approximately
$3.3 million non-dilutive cash
injection we expect to receive by the end of this year, like the
$6.7 million received in January 2019, will provide us more flexibility as
we continue to prepare for our first NDA submission for the
treatment of vulvovaginal candidiasis in the second of half of
2020."
The NOL program, administered by the NJEDA, enables approved biotechnology companies to
sell their unused NOLs and R&D tax credits to unaffiliated, profitable corporate taxpayers in the
State of New Jersey. This allows
biotechnology companies with NOLs to turn their losses into
credits and into cash proceeds to immediately realize much of the
future value of these tax benefits, up to a maximum lifetime
benefit of $15 million per business.
For more details on the funding for this year's NOL program, please
visit www.njeda.com.
About SCYNEXIS
SCYNEXIS, Inc. (NASDAQ: SCYX) is a biotechnology company
committed to positively impacting the lives of patients suffering
from difficult-to-treat and often life-threatening infections by
developing innovative therapies. The SCYNEXIS team has extensive
experience in the life sciences industry, having discovered and
developed more than 30 innovative medicines over a broad range of
therapeutic areas. SCYNEXIS's lead product candidate, ibrexafungerp
(formerly known as SCY-078), is a novel IV/oral antifungal agent in
Phase 3 clinical and preclinical development for the treatment of
multiple serious and life-threatening invasive fungal infections
caused by Candida, Aspergillus and
Pneumocystis species. For more information, visit
www.scynexis.com.
Forward Looking Statement
Statements contained in this press release regarding expected
future events or results are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. These
risks and uncertainties include, but are not limited, to: risks
inherent in SCYNEXIS's ability to successfully develop and obtain
FDA approval for ibrexafungerp; the expected costs of studies and
when they might begin or be concluded; and SCYNEXIS's reliance on
third parties to conduct SCYNEXIS's clinical studies. These and
other risks are described more fully in SCYNEXIS's filings with the
Securities and Exchange Commission, including without limitation,
its most recent Annual Report on Form 10-K under the caption "Risk
Factors" and other documents subsequently filed with or furnished
to the Securities and Exchange Commission. All forward-looking
statements contained in this press release speak only as of the
date on which they were made. SCYNEXIS undertakes no obligation to
update such statements to reflect events that occur or
circumstances that exist after the date on which they were
made.
CONTACT:
Investor Relations
Heather
Savelle
Argot Partners
Tel: 212-600-1902
heather@argotpartners.com
Media Relations
George E.
MacDougall
MacDougall
Tel: 781-235-3093
george@macbiocom.com
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SOURCE SCYNEXIS, Inc.