As part of its transition, Scynexis has sold its contract research and development services business to Avista Pharma Solutions, a unit of Minnesota-based Accuratus Lab Services.
“SCY-078 is a novel antifungal born out of the Scynexis contract research and development services business’s drug discovery capabilities, and shows great potential as a treatment for invasive and treatment-resistant fungal infections,” Dr. Marco Taglietti, Scynexis’ CEO, said in a prepared statement. “This transaction with Avista Pharma will allow us to divest the services business in order to strategically focus our resources on the clinical development of this promising compound and further advance the field of antifungals.”
In addition, Scynexis founder Yves J. Ribeill has resigned as company president, though he will stay on as a director. The company had changed both its chief executive officer and chairman of the board earlier this year.
“Even beyond the discovery of SCY-078, the services business has been a valuable part of Scynexis, and on behalf of the entire company and the board of directors, I thank both Yves and the dedicated employees who helped to build the business, and wish them well in their transition,” Taglietti said.
Edgemont Capital Partners L.P. advised Scynexis on the transaction.