DURHAM, N.C. – Pharmaceutical company Scynexis filed to go public with the intent to raise $55 million through an initial public offering.
The company spun out from Aventis S.A, in 2000 as a chemistry and animal health services company, providing contract research services to third parties. Since then, it has generated revenue from providing these services to human and animal health companies to assist them in developing their own drug candidates.
It is also developing drugs, including one simply called SCY-078, an oral and intravenous drug for the treatment of serious and life-threatening invasive fungal infections (IFI) in humans.
Scynexis estimates that the annual worldwide market for systemic anti-fungal therapeutics, where it will target SCY-078, is approximately $3.6 billion. Each year there are estimated to be more than 600,000 confirmed cases of invasive fungal infections caused by various species of two of the most serious fungal pathogens in the United States and Europe.
Last year, Scynexis recorded $16.9 million in total revenue. It spent $4.4 million on research and development and had a total loss from operations $7.2 million.