Jersey City, NJ - According to Eric Strauss of NJBiz, "A North Carolina drug development company is selling off one of its businesses and moving to Jersey City. Scynexis Inc. will relocate from Research Triangle Park effective Aug. 1, it said in a news release, and focus on developing its SCY-078 antifungal drug."
“We are extremely excited that Scynexis will be relocating to Jersey City, as this is another example of how we continue to diversify our commercial sector,” Jersey City Mayor Steven M. Fulop told NJBIZ. “The focus of our administration has been to continue our growth and expansion, with firms from the pharmaceutical industry, technology, clothing, media and the medical field all choosing to locate in Jersey City."
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.
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.
