SCYX - Scynexis announces changes to leadership and strategic direction

SCYNEXIS, Inc. ( NASDAQ: SCYX ), a biotech focused on fungal infections, fell in the pre-market trading Thursday after announcing changes to its leadership team and the operational activities that include a workforce reduction.

The Jersey City, New Jersey-based company said that David Angulo, its current Chief Medical Officer, will become its President and Chief Executive Officer effective January 01, 2023, replacing Marco Taglietti, who is expected to retire at the end of 2022.

Additionally, Ivor Macleod is set to join the company as the Chief Financial Officer on October 24. A former CFO of the biotech Athersys, Inc. ( ATHX ), Macleod has over 30 years of experience in the life sciences industry, SCYX said.

Meanwhile, the management has decided to eliminate the role of Chief Commercial Officer, and Christine Coyne, who served in the position for more than a year, will leave the company.

SCYX has also decided to reprioritize its operations to develop the antifungal agent ibrexafungerp targeting severe, hospital-based indications where, according to the company, there are higher long-term returns,

In addition, plans are underway to find a commercial partner for BREXAFEMME (ibrexafungerp tablets) as the company intends to out-license the FDA-approved therapy for vulvovaginal candidiasis. As a result, it will withdraw the marketing support for the treatment until a partnership is formed.

SCYX will also end its commercial partnership with Amplity Health and plans to announce a reduction in staff. These measures are expected to shift the resources toward the hospital program and extend the cash runway into Q2 2024.

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