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JERSEY CITY, N.J. - Biotechnology company SCYNEXIS, Inc. (NASDAQ:SCYX), a small-cap biotech firm with a market capitalization of $44 million, announced positive results from a Phase 1 study of its second-generation triterpenoid antifungal drug SCY-247, according to a press release statement issued Tuesday. According to InvestingPro analysis, the company maintains a strong financial position with more cash than debt on its balance sheet.
The study evaluated the safety, tolerability, and pharmacokinetics of orally administered SCY-247 in healthy participants. No serious or severe treatment-emergent adverse events were reported across all evaluated single and multiple ascending dose cohorts.
The drug demonstrated generally dose-proportional pharmacokinetics following single doses ranging from 50mg to 900mg and multiple doses ranging from 50mg to 300mg administered once daily for seven days. SCY-247 was rapidly absorbed with peak concentration times ranging from 3 to 7 hours.
Multiple ascending dose cohorts of 200mg and 300mg once-daily achieved or exceeded the preliminary target for efficacious exposure based on pre-clinical models of invasive candidiasis, including models with resistant strains such as Candida auris and echinocandin-resistant Candida glabrata.
"We are pleased by the favorable results from this Phase 1 study demonstrating that orally administered SCY-247 can achieve target exposures for efficacy with favorable tolerability," said David Angulo, President and Chief Executive Officer of SCYNEXIS. The company’s strong liquidity position is reflected in its healthy current ratio of 5.2, with InvestingPro data showing liquid assets well exceeding short-term obligations.
The most common adverse events were mild to moderate headache, reported in 16.7% of participants receiving SCY-247 versus 4.5% receiving placebo, and diarrhea, reported in 9% of participants in both the treatment and placebo groups.
SCYNEXIS noted that SCY-247 achieved target exposures at doses lower than its first-generation fungerp, which may translate to a tolerability advantage. The company plans to present further details of the study results at an upcoming scientific meeting. While SCYX’s stock has shown volatility, analyst price targets suggest significant upside potential, with targets ranging from $4 to $6 per share. Subscribers to InvestingPro can access 8 additional key insights about SCYNEXIS’s financial health and market position.
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