After receiving a research grant, SCYNEXIS Inc. (NASD: SCYX) has increased 12.50% to $1.80 in after-hours trading on the latest check Thursday.
How much funding has SCYX received?
Researchers at Case Western Reserve University in Cleveland have received a competitive research grant from the National Institutes of Health worth more than $3 million, according to news released by SCYNEXIS (SCYX) (NIH). The money will be used by SCYNEXIS to research a second-generation fungal medicine they created, SCY-247, as a possible therapy for the multidrug-resistant yeast Candida auris (C. auris), which may cause serious and frequently fatal infections.
The team led by researchers from University Hospitals Cleveland Medical Center and Case Western Reserve School of Medicine will be able to evaluate this brand-new antifungal medication created by SCYNEXIS thanks to the five-year grant from the National Institute of Allergy and Infectious Diseases of the NIH. Mahmoud Ghannoum, Ph.D., professor of dermatology and pathology at the School of Medicine, as well as Thomas McCormick, Ph.D., an associate professor at the School of Medicine, will serve as the principal investigator and director of the Center for Medical Mycology at the University Hospitals Medical Center, Case Western Reserve University.
In recent years, C. auris has become a severe global problem, producing invasive infections with fatality rates as high as 60% globally. Fluconazole (FLU) resistance is apparently prevalent in C. auris infections, with varied resistance to the other three main classes of therapeutically accessible antifungals (azoles, polyenes, echinocandins). Some strains are impervious to every three antifungal classes, which reduces the range of available treatments. The Centers for Disease Control has designated C. auris as a “urgent danger” (CDC). The World Health Organization (WHO) has published the “critical priority group” of it’s first-ever list of fungal priority pathogens (FPPL), which includes C. auris.
How important SCYX to consider that grant?
In order to target drug-resistant C. auris, where there is a great need due to a lack of treatment options, and the potential to save lives, SCYNEXIS (SCYX) was encouraged to pursue funding from the National Institutes of Health (NIH) for this significant research. SCY-247 is one of SCYX patented triterpenoid antifungals and is available orally and intravenously.