SCYNEXIS terminates $35M loan with Hercules/SVB after GSK deal; receives $25M milestone; clarifies equity vote

SCYNEXIS INC

Terminated $35M Loan and Security Agreement with Hercules Capital and SVB on May 25, 2023, after receiving upfront payment from GSK license.
Announced $25M performance milestone from GSK on June 21, 2023, for Phase 3 MARIO study of ibrexafungerp.
Due to proxy statement ambiguity on broker non-votes, SCYNEXIS deemed 2023 Equity Incentive Plan vote not approved; will use 2014 plan and reintroduce in 2024.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

SCYNEXIS INC terminated Loan and Security Agreement with Hercules Capital, Inc. and Silicon Valley Bridge Bank, N.A. valued at $35 million (effective 2023-05-25).

Action: termination
Agreement: credit facility
Counterparty: Hercules Capital, Inc. and Silicon Valley Bridge Bank, N.A.
Value: $35 million
Effective: 2023-05-25

Exact text from the filing

Item 1.02 Termination of a Material Definitive Agreement. SCYNEXIS, Hercules Capital, Inc. (“Hercules Capital”) and Silicon Valley Bridge Bank, N.A. (“SVB”) were party to a Loan and Security Agreement dated as of May 13, 2021 (the “Loan Agreement”), pursuant to which Hercules Capital, SVB and each of the other lenders from time-to-time party to the Loan and Security Agreement (collectively, the “Lenders”) loaned to SCYNEXIS $35 million.

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Source: SEC EDGAR

accession 0000950170-23-029599

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