Scynexis is still aiming to go public – but at a much lower per share price and thus upping shares to be offered.
In a new SEC filing early Wednesday, the Durham-based drug firm has finalized plans to begin selling shares between $7 and $8 on Thursday on the Nasdaq under the symbol SCYX.
That’s well under an earlier targeted range of between $12 and $14 a share. Scynexis also is doubling the number of shares available.
Scynexis aims to raise some $67 million by offering more than 8 million shares, including an over allotment of some 1 million shares for underwriters.
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 as spelled out on Monday would be under original estimates of $68 million.
Scynexis had been looking to sell just over 4.2 million shares.
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.
French pharmaceutical company Sanofi (currently a 6 percent owner of Scynexis) is interested in purchasing 10 percent of the shares, according to the new SEC 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.