SCYX - Cidara earns $20M milestone payment on FDA nod for antifungal
2023-04-24 09:13:55 ET
- Cidara Therapeutics ( NASDAQ: CDTX ) announced Monday that it received a $20M milestone payment from its partner Melinta Therapeutics ( OTCPK:MLNTQ ) following the FDA approval of candidemia treatment Rezzayo last month.
- The U.S. approved the once weekly rezafungin injection for candidemia and invasive candidiasis in March following the views of an FDA expert panel which voted 14 to 1 to endorse the therapy early this year.
- Citing the $20M milestone payment, ~$47M expected from its existing partnerships over the next year, and recent capital raises, Cidara ( CDTX ) projects its cash runway to extend without additional capital injections backed $32.7M cash balance in 2022 year-end. The U.S. launch of Rezzayo is expected to take place in mid-2023.
- Read: In March, shares of Cidara ( CDTX ) and its rival in antifungal space Scynexis ( SCYX ) surged amid concerns of a fast-spreading fungal infection caused by yeast species Candida auris in the U.S.
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Cidara earns $20M milestone payment on FDA nod for antifungal