Business

June 19, 2014

Scynexis posts $1.2M loss in first earnings release since IPO

Durham drug developer Scynexis posted a $1.2 million loss this week in the company’s first earnings release since its public stock offering last month.

Durham drug developer Scynexis posted a $1.2 million loss this week in the company’s first earnings release since its public stock offering last month.

The 90-employee company’s first-quarter loss compares to a loss of $2.1 million in the first quarter a year ago.

Scynexis, which spun out of Aventis in 2000, does not have a drug on the market. It’s developing SCY-078, a treatment for serious and life-threatening fungal infections.

The experimental drug stemmed from a collaboration between Scynexis and pharmaceutical giant Merck. Last year Merck returned the development and commercialization rights to Scynexis.

The company posted first quarter revenue of $1.8 million, same as a year earlier. The money was generated from R&D contract work for other companies.

Scynexis’s focus for the rest of 2014 will be developing an oral and intravenous formulation of SCY-078.

Its shares were at $9.77 in midday trading, up 13 cents. The company’s shares began trading at $10 last month.

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