Scynexis to Receive $22 Million Resolving Disagreement With GSK Over Phase 3 Mario Study; Shares Rise Pre-Bell

MT Newswires Live10-15

Scynexis (SCYX) said Wednesday it will receive a $22 million payment from GSK's (GSK) GlaxoSmithKline Intellectual Property (No. 3) Limited, resolving the disagreement related to the restart of the phase 3 Mario study on invasive candidiasis.

As per resolution terms, Scynexis will terminate the Mario study and receive an additional $2.3 million payment, the company said, adding that Scynexis will not get any milestone related payments from GSK associated with the study.

GSK has reiterated its committed to continue its collaboration with the company for the commercialization of Brexafemme, or ibrexafungerp tablets, for vulvovaginal and refractory vulvovaginal candidiasis indications, Scynexis said.

Scynexis said GSK's payments, along with its cash in and removal of Mario study expenditures, are expected to extend its cash runway to more than two years.

Shares of the company were up over 13% in recent Wednesday trading.

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