DURHAM, NC – Scynexis has raised more than $11 million out of a $25 million goal in its latest fundraiser, according to CEO Yves J. Ribeill.
“It’s going very well,” says Ribeill, who expects to have completed the $25 million round by May.
The money will help the company fund studies for a proposed hepatitis C drug, which currently is in the middle of phase two clinical trials. Ribeill hopes to start phase three trials in 2013. The company could seek FDA approval in 2015 or 2016, provided everything goes as planned.
Once phase two concludes, Scynexis will start looking for a partnering company to push the product through the final stages and commercialization, he said.
Ribeill hopes the drug, intended to be taken orally, will completely “get rid of the virus” in 12 weeks or less.
The company has raised more than $50 million since 2002. Headquartered in Durham, Scynexis was selected by Morria Biopharmaceuticals earlier this month as its chemical development and production partner for an allergic rhinitis drug.
Back in December, Scynexis had raised $5.5 million of the round, which was then billed as a $15 million stock and debt offering.