Durham drug developer Scynexis lost $4.2 million in 2014, the company said Monday in its first annual earnings report since becoming publicly-traded last year.
Last year’s loss compares to a loss of $30.5 million in 2013 for Scynexis, which was spun off in 2000 and does not have a drug on the market. Scynexis is developing SCY-078, a treatment for serious and life-threatening fungal infections.
The company’s 2014 revenue was $7.3 million, same as the year before. It came from R&D contract work for the pharmaceutical industry.
Scynexis said it enrolled its first patient this month for a Phase 2 study of SCY-078 for treating invasive fungal infections. The company has recently received fast track designation from the U.S. Food and Drug Administration for priority regulatory review for the oral formulation of SCY-078.
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Later this year Scynexis plans to begin a Phase 1 study of an intravenuous formulation of SCY-078.
Marco Taglietti, the company’s new CEO, begins work on Wednesday, coinciding with the beginning of the second quarter. Outgoing CEO Yves Ribeill will remain as Scynexis president and a member of the board of directors.
Tagliettii previously worked in executive positions for Forest Laboratories, Forest Research Institute, Stiefel Laboratories and Schering-Plough Corp.