JERSEY CITY, N.J., June 14, 2019 /PRNewswire/ -- SCYNEXIS, Inc. (NASDAQ: SCYX), a biotechnology company delivering innovative therapies for difficult-to-treat and often life-threatening infections, today announced the appointment of Nkechi Azie, MD, MBA, FIDSA, as Vice President of Clinical Development, effective June 10, 2019. Dr. Azie will lead clinical development activities and strengthen medical affairs efforts in anticipation of ibrexafungerp's potential approval and commercial launch. Dr. Azie will report to SCYNEXIS' Chief Medical Officer, David Angulo, M.D.
"We are pleased to welcome Nkechi to the SCYNEXIS team, where her extensive clinical and medical affairs experience in infectious diseases will be instrumental in our efforts to bring ibrexafungerp to patients in need," said Dr. Angulo. "Nkechi has successfully and effectively launched several antifungal products and managed their life cycles. With our Phase 3 program for vulvovaginal candidiasis (VVC) well underway, her expertise strengthens our readiness for the next stages of ibrexafungerp's development and potential commercialization. Nkechi's deep understanding of the infectious disease space aligns well with the team here at SCYNEXIS, and we look forward to her contributions as we advance the ibrexafungerp program across multiple important indications."
Dr. Azie joins SCYNEXIS with over 25 years of experience in drug development and medical affairs, having worked in therapeutic areas including infectious disease, women's health and immunology. Dr. Azie was most recently Senior Vice President of Medical Affairs at The Medicines Company, where she managed the infectious disease franchise. Prior to joining The Medicines Company, she held various positions of increased responsibility at Astellas Pharma, most recently serving as Senior Director of Medical Affairs where she was responsible for the antifungal franchise including micafungin and isavuconazole. Prior to that, she was Director of Anti-infective Clinical Development for Pfizer, Inc. Dr. Azie received an executive MBA from the University of Notre Dame Mendoza College of Business, a Bachelor of Medicine, Bachelor of Surgery and Bachelor of Science from the University of Nigeria College of Medicine, and conducted a medical residency and subspecialty training at Indiana University Medical Center. Additionally, she has been board certified in internal medicine, clinical pharmacology, and infectious disease. In recognition of her infectious disease expertise, Dr. Azie has been elected for Infectious Diseases Society of America (IDSA) Fellowship.
"I am thrilled to join the SCYNEXIS team and support their mission to deliver effective and innovative therapies for difficult-to-treat and often life-threatening infections," said Dr. Azie. "This is an exciting time for the Company as ibrexafungerp is in Phase 3 development with a potential New Drug Application submission for VVC in 2020. Ibrexafungerp has significant potential to be an essential therapy for physicians and patients in need of new treatment options for multiple serious and often life-threatening fungal infections."
In connection with this appointment, on June 10, 2019, Dr. Azie was granted an inducement award consisting of 24,500 restricted stock units (RSUs) and an option to purchase 115,000 shares of SCYNEXIS common stock, at a per share exercise price of $1.12, the closing trading price on June 10, 2019. The RSUs will vest at 25% per year for four years and the option has a ten-year term, with one-fourth of the shares subject to the option vesting on the one-year anniversary of the date of grant and the remainder vesting in equal monthly installments for 36 months thereafter, in each case provided Dr. Azie continues to provide service to SCYNEXIS. The inducement award was granted pursuant to SCYNEXIS' 2015 Inducement Award Plan, as amended in June 2019, which was adopted by the company's board of directors in March 2015 under Rule 5635(c)(4) of the Nasdaq Global Market for equity grants to induce new employees to enter into employment with the company.
SCYNEXIS, Inc. (NASDAQ: SCYX) is a biotechnology company committed to positively impacting the lives of patients suffering from difficult-to-treat and often life-threatening infections by developing innovative therapies. The SCYNEXIS team has extensive experience in the life sciences industry, having discovered and developed more than 30 innovative medicines over a broad range of therapeutic areas. SCYNEXIS's lead product candidate, ibrexafungerp (formerly known as SCY-078), is a novel IV/oral antifungal agent in Phase 3 clinical and preclinical development for the treatment of multiple serious and life-threatening invasive fungal infections caused by Candida, Aspergillus and Pneumocystis species. For more information, visit www.scynexis.com.
Forward Looking Statement
Statements contained in this press release regarding expected future events or results are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks inherent in SCYNEXIS's ability to successfully develop and obtain FDA approval for ibrexafungerp. These and other risks are described more fully in SCYNEXIS's filings with the Securities and Exchange Commission, including without limitation, its most recent Annual Report on Form 10-K under the caption "Risk Factors" and other documents subsequently filed with or furnished to the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. SCYNEXIS undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
George E. MacDougall
SOURCE SCYNEXIS, Inc.