SCYNEXIS closes $15M term loan
Earlier, SCYNEXIS announced that it closed a $15M term loan with Solar Capital, fully funded at close. This transaction complements the company's recent equity raise, and results in minimal dilution to shareholders. "Solar Capital is pleased to start a financing partnership with SCYNEXIS that should enable the company to expand its pipeline of indications for SCY-078, as well as accelerate its other development programs," said Anthony Storino, head of life science lending at Solar Capital. "We believe SCYNEXIS offers a unique value proposition in an area with significant unmet medical needs, and we are excited to contribute to the company's growth and future successes." As of September 30, SCYNEXIS' preliminary estimate of its cash, cash equivalents and marketable securities totaled $58.4 million, including the $15M from the loan facility.