Durham drug developer Scynexis is seeking to raise $30 million in a public offering of stock, the company reported in a regulatory filing Thursday.
The company also said that it is exploring a possible sale of its contract research and development business unit. Scynexis has hired a third-party firm to assist it with a possible divestiture, which could involve a sale, a spin-off or possibly shutting down the unit.
Divesting itself of the business will allow Scynexis to focus on the development of SCY-078, a treatment for serious and life-threatening fungal infections, the company said.
“We believe the divestiture of the service business is probable of occurring,” the company wrote in its filing.
Scynexis plans to use the proceeds from its stock sale for general corporate purposes, including costs associated with conducting clinical trials for SCY-078.
Scynexis said last month it enrolled its first patient this 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.
Scynexis shares closed Friday at $9.11, down 24 cents. The stock is down 9 percent this year.