Another Triangle firm is going public this week.
The Durham-based drug firm has finalized plans to begin selling shares between $12 and $14 on Thursday on the Nasdaq under the symbol SCYX. The company does not yet have a drug on the market and lost some $30 million in 2013.
Executives confirmed the IPO with an updated SEC filing late Monday.
Scynexis executives recently completed a “road show” to determine interest in the stock.
An IPO of $55 million would be under original estimates of $68 million.
Scynexis is looking to sell just over 4.2 million shares.
Underwriters have an option to purchase another 634,620 shares at the IPO price less an underwriting discount.
The Durham drug-development company doesn’t yet have a drug on the market. The company had $1.4 million in cash as of Dec. 31, according to reports, and has earmarked $15 million of the proceeds from an IPO to pay down a loan.
Some of the privately-held company’s shareholders remain interested in purchasing up to $4 million worth of IPO shares and French pharmaceutical company Sanofi (currently a 6 percent owner of Scynexis) is interested in purchasing up to $5 million, according to an earlier filing.
Scynexis is a pharmaceutical committed to the discovery, development and commercialization of novel anti-infectives to address significant unmet therapeutic needs. Their lead product candidate, SCY-078, is deemed by the company as a novel oral and intravenous drug for the treatment of serious and life-threatening invasive fungal infections in humans. They also have clinical and preclinical programs based on the use of cyclophilin inhibitors to treat viral diseases.
Scynexis originally partnered with drug giant Merck in 2002 to develop and commercialize SCY-078. Merck chose to return it to Scynexis last year.
According to filings, Scynexis generated $16.9 million in revenue last year from performing R&D services for other companies with a net loss in 2013 recorded at $30.5 million.
If the IPO is successful, Scynexis would join a growing number of Triangle firms – especially biotechs – that have gone public in the last year.
Square 1 Bank was the latest, going public last week.