The biotech’s branding tells you to “slay” your vaginal yeast infection. “Shut that *itch down,” goes the tagline.
Scynexis is tapping into its playbook and shutting down part of its operations. The Jersey City biotech is laying off about 40% of its employees, shaking up its executive team, narrowing the pipeline and winding down promotional activities for that approved drug, Brexafemme, which is on tap for an sNDA decision at the FDA in just six weeks.
The company had 56 employees as of March 1, according to SEC filings. CEO and president Marco Taglietti told Endpoints News via email that about 40% of the total workforce is being laid off, including the entire commercial team and other roles.
Scynexis now seeks a commercialization partner to take Brexafemme forward. The tablets will remain on the market, but Scynexis is ending promotional work. Approved in 2021, the drug reeled in $1.3 million in the second quarter, Scynexis said in August. An FDA decision on expanding the label to include the prevention of vaginal yeast infections is set for Nov. 30.
All the moves are expected to extend the cash runway by just one quarter, from Q1 to Q2 of 2024. Almost $119 million was on hand at the end of June, according to the most recent quarterly update.
“In the current challenging economic and business environment, achieving the significant market potential that we know is attainable for BREXAFEMME requires a larger organization with more resources, more women’s health experience and a bigger commercial footprint,” Taglietti said in his emailed statement to Endpoints. The chief executive said “all signs are positive” with regard to the sNDA, noting the second indication would be “very attractive to a commercialization partner.”
The company will narrow its focus to the hospital setting, where the drug, known investigationally as ibrexafungerp, is being tested for refractory fungal infections like Candida auris. Scynexis has ambitions for securing its first hospital-targeted approval in 2024. The drug is in Phase III for the superbug.
David AnguloAlongside the clinical development pruning, leadership moves were also announced Thursday morning. Taglietti is retiring on Dec. 31. On New Year’s Day 2023, seven-year chief medical officer David Angulo will begin steering the ship.
The post of chief commercial officer was terminated, so Christine Coyne is leaving after just a year and a half in the post, joining about a month before Scynexis snagged FDA approval. Ivor Macleod will join as CFO on Monday after holding the same role at Athersys, a stem cell therapy developer that laid off 70% of its workforce this summer after a trial flop.
Editor’s note: This story was updated to include comments from CEO and president Marco Taglietti.
