HTGC - SCYNEXIS secures term loan facility up to $60M with Hercules Capital

SCYNEXIS ([[SCYX]] +3.2%) secured a $60M term loan facility with Hercules Capital (HTGC) and Silicon Valley Bank for strengthening its balance sheet ahead of the anticipated commercial launch of Brexafemme, the expected trade name for ibrexafungerp, an oral antifungal product candidate for the treatment of vaginal yeast infections, which is under regulatory review by U.S. FDA.PDUFA target action date is June 1, 2021.Based on current operating plans, this non-dilutive financing further extends SCYNEXIS' projected cash runway into 2023.The loan facility is available to SCYNEXIS in four tranches.The term loan has a 30-month interest-only period from date of closing, extendable to 36 months upon FDA approval of ibrexafungerp for the treatment of vaginal yeast infections and up to 48 months on achievement of certain conditions.Loan maturity date is Mar.3, 2025 which will be automatically extended to May 1, 2025 on occurrence of certain conditions set forth in the loan documentation.

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SCYNEXIS secures term loan facility up to $60M with Hercules Capital