- Strengthens Management Team with the Addition of Pharmaceutical Development Expertise -
- Announces Inducement Grant Under NASDAQ Rule 5635(c)(4) -
JERSEY CITY, N.J., Oct. 7, 2015 (GLOBE NEWSWIRE) -- Drug discovery and development company SCYNEXIS, Inc. (Nasdaq:SCYX) today announced the appointment of Rajeshwar Motheram, Ph.D., as Vice President, Pharmaceutical Development, effective October 1, 2015. Dr. Motheram will be responsible for pharmaceutical research and development, including chemistry, manufacturing and controls (CMC) and regulatory CMC strategy for SCYNEXIS' lead clinical asset, SCY-078, in Phase 2 development for the treatment of invasive fungal infections. Dr. Motheram will report to David Angulo, M.D., SCYNEXIS' Chief Medical Officer.
'Rajeshwar brings a wealth of experience in drug development and manufacturing to SCYNEXIS as we continue to advance the clinical development of SCY-078 for life threatening and treatment-resistant fungal infections,' said Marco Taglietti, M.D., SCYNEXIS' President and Chief Executive Officer. 'His background serves as a complement to the skills of our management team as we continue to build the company and plan our growth strategies.'
'SCY-078 has the potential to become a compelling new treatment for patients and physicians in need of improved antifungal alternatives,' said Dr. Motheram. 'I'm thrilled to be joining David and the broader team at SCYNEXIS and advancing this important clinical candidate, as well as guiding the pharmaceutical development strategy going forward.'
Dr. Motheram joins SCYNEXIS with almost 20 years of experience in pharmaceutical research and development. Prior to joining SCYNEXIS, he held various senior positions at The Medicines Company, most recently serving as Vice President, Pharmaceutical Development. Prior to that, he held positions with Bristol-Myers Squibb Company, DuPont Pharmaceuticals Company and Baxter Pharmaceutical Products. Dr. Motheram has a Ph.D. in Pharmaceutics from the University of the Sciences, Philadelphia College of Pharmacy and a Master of Science from the University of Mississippi. He is a member of the American Association of Pharmaceutical Scientists.
In connection with this appointment, on October 1, 2015, Dr. Motheram was granted an option to purchase 60,000 shares of SCYNEXIS common stock, at a per share exercise price of $6.64, the closing trading price on October 1, 2015. 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 thirty-six months thereafter, provided Dr. Motheram continues to provide service to SCYNEXIS. The stock option was granted pursuant to SCYNEXIS' 2015 Inducement Award Plan, 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.
About SCYNEXIS, Inc.
SCYNEXIS is a pharmaceutical company committed to the discovery, development and commercialization of novel anti-infectives to address significant unmet therapeutic needs. We are developing our lead product candidate, SCY-078, a novel antifungal in Phase 2, as an oral and intravenous (IV) drug for the treatment of serious and life-threatening invasive fungal infections in humans. For more information, visit www.scynexis.com
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