Scynexis announces $40M private placement

Scynexis (SCYX) announced that it has entered into a securities purchase agreement with certain new and existing institutional and accredited investors. The company anticipates upfront gross proceeds from the private placement to be approximately $40M, before deducting placement agent fees and transaction-related expenses, and up to an additional $52.2M in gross proceeds if the Common Warrants are fully exercised for cash, subject to Stockholder Approval of shares of common stock issuable upon exercise of the Common Warrants. The private placement is expected to close on or about April 1, subject to the satisfaction of customary closing conditions. The private placement financing includes participation from new and existing institutional investors, including Great Point Partners, LLC, Squadron Capital Management LLC, Adage Capital Management, L.P., Propel Bio Partners, a large healthcare-dedicated fund, and other investors. The Company’s President and Chief Executive Officer, Dr. David Angulo, is also participating in the private placement. Guggenheim Securities, LLC is acting as the sole placement agent for the private placement.