Scynexis Inc. (NASDAQ: SCYX) shares made a handy gain early on Thursday after the company announced the results from a couple of its mid-stage trials. Specifically, the company evaluated two Phase 2 studies of SCY-078 and the results were very favorable. At the same time, Scynexis closed its $15 million term loan with Solar Capital Ltd. (NASDAQ: SLRC).
In the first study, treatment with oral SCY-078 in patients with vulvovaginal candidiasis (VVC), resulted in significantly better clinical cure rates and fewer recurrences of VVC at the four-month follow-up when compared to the standard of care (oral fluconazole).
As previously reported, clinical cure rate was higher for patients receiving oral SCY-078 compared to oral fluconazole at the test of cure visit (Day 24). Additionally, follow-up data now available showed a high clinical cure rate at the four-month visit (end of observation period) of 88% in patients who received SCY-078 compared to 65% in patients who received fluconazole.
In the second study, which evaluated oral SCY-078 as a step down therapy in patients with invasive candidiasis, oral SCY-078 achieved the target exposure for efficacy and was well-tolerated.
This study met its primary objective by confirming the once daily oral dose of SCY-078 750 mg as a dose that is both overall safe and tolerated and achieves the target exposure in these patients. During the study period, there were no reports of mycological failures in the SCY-078 versus two infection-related failures (one fungemia and one abdominal sepsis) in the fluconazole group.
Excluding Thursday’s move, Scynexis has underperformed the broad markets, with the stock down nearly 23% year to date. Over the past 52 weeks, the stock is down closer to 30%.
Shares of Scynexis closed Wednesday up nearly 7% at $4.80, with a consensus analyst price target of $12.86 and a 52-week trading range of $1.74 to $7.69. Following the announcement shares were trading up about 18% at $5.67.
Solar Capital closed Wednesday at $20.50. Its consensus price target is $21.57, and the 52-week range is $15.05 to $20.88.
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