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SEBIO News » Drug discovery firm Scynexis raises $5.5M

December 19, 2011

Drug discovery firm Scynexis raises $5.5M

Filed under: Regional Venture News — admin @ 8:31 am

DURHAM, NC - Eleven-year-old, venture-backed drug discovery company Scynexis Inc. has raised $5.5 million, or 36 percent, of a targeted $15 million stock and debt offering to investors.

Nine investors have taken part in the offering to date, the first says in a new filing with the U.S. Securities and Exchange Commission.

Investor identities were not disclosed.  Previous Scynexis investors include over a half a dozen venture capital players including Alta Partners, Burrill & Co., KBL Healthcare, Societe Generale and Ventech, according to the firm’s web site.

Led by CEO Yves Ribeill, Scynexis, located on Tricenter Drive in Durham and with an employee roster of about 130, is developing pharmaceuticals used to treat the Hepatitis C virus.  In its SEC filing, the company says the offering, which also involves stock warrants or options, will conclude in less than 12 months.

Scynexis has partnerships with several companies, including Merck and global animal health company Merial, to develop drugs.  In the past, it has also done research for global health organizations on so-called “neglected diseases”, like sleeping sickness in Africa.

http://www.bizjournals.com/triangle/news/2011/12/16/drug-discovery-firm-scynexis-raises.html

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