Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Scynexis (NASDAQ:SCYX) in connection to alleged violations of securities laws by SCYX and certain of its officers. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Scynexis between April 30, 2014 through March 2, 2017.
The class action complaint specifically alleges that during the period in question, SCYX and certain of its officers might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that SCY-078, Scynexis’ lead product, had significant risks to patient health and safety which the company had not disclosed; that the company overstated the prospects that SCY-078 would receive approval and be commercially viable; and that thus SCYX’s statements to the public were false and misleading during the relevant period. When Scynexis announced to the public that it had been instructed by the FDA “to hold the initiation of any new clinical studies with the intravenous (IV) formulation of SCY-078 until the FDA completes a review of all available pre-clinical and clinical data,” as a result of “three mild-to-moderate thrombotic events in healthy volunteers,” SCYX’s value declined.
According to the company’s website, Scynexis is “a drug development company committed to the development and commercialization of novel anti-infectives to address significant unmet therapeutic needs.” The description continues: “Our scientists have extensive experience in the life sciences industry having, together and individually, been involved in the discovery and development of innovative medicines over a broad range of therapeutic areas. We are developing our lead product candidate, SCY-078, a novel and structurally distinct triterpenoid glucan synthase inhibitor. SCY-078 is in Phase 2 clinical development as an oral and intravenous drug for the treatment of several fungal infections, including serious and life-threatening invasive fungal infections.”