Scynexis reported a wider net loss in the first quarter as the Durham company increased spending on developing its treatment for serious and life-threatening fungal infections.
The company had a diluted net loss of $6.4 million, or 75 cents per diluted share, compared with a loss of $1.2 million, or $6.57 per share, during the first quarter of 2014.
Research and development costs during the quarter increased from $1.3 million to $4.2 million.
The increase was related to Scynexis’ Phase 2 study of an oral treatment of SCY-078 for treating invasive fungal infections. The company also spent more on employee compensation and on early development work of an IV formulation of SCY-078.
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Scynexis expects to begin a Phase 1 study of of the IV formulation in the second half of the year.
Scynexis had $27.6 million in cash as of the end of March. In April, the company raised $37.8 million in a public stock offering. Scynexis went public in May 2014.
The company reported earnings before the market opened Friday.
On Thursday, Scynexis announced that it had appointed David Angulo to be its chief medical officer. Angulo was previously vice president of research and development with Brickell Biotech. Before that he held several senior positions at Stiefel Laboratories, a GlaxoSmtihKline company.
Marco Taglietti, Scynexis CEO, also previously worked at Stiefel.
Scynexis also announced Friday that its chief financial officer, Charles Osborne, is resigning effective June 30. The company has begun searching for his replacement.
Scynexis shares closed Thursday at $9.40. The stock is down 6 percent this year.