New York, New York--(Newsfile Corp. - December 20, 2023) - Pomerantz LLP is investigating claims on behalf of investors of SCYNEXIS, Inc. ("SCYNEXIS" or the "Company") (NASDAQ: SCYX). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether SCYNEXIS and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On September 25, 2023, SCYNEXIS reported in a filing with the U.S. Securities and Exchange Commission that, following a recent review by the Company's development, manufacture, and commercialization partner for its ibrexafungerp drug substance of the manufacturing process and equipment at the vendor that manufactures ibrexafungerp, the Company became aware of potential cross contamination of ibrexafungerp with a non-antibacterial beta-lactam drug substance. As SCYNEXIS explained, "[c]urrent FDA guidance recommends segregating the manufacture of beta-lactam compounds from other compounds since beta-lactam compounds have the potential to act as sensitizing agents that may trigger hypersensitivity or an allergic reaction in some people." The Company therefore declared it would recall BREXAFEMME [the commercial name for ibrexafungerp tablets] from the market and place a temporary hold on clinical studies of ibrexafungerp, including a Phase 3 clinical study, until a mitigation strategy and a resupply plan are determined.
On this news, SCYNEXIS's stock price fell $1.13 per share, or 34.14%, to close at $2.18 per share on September 25, 2023, on unusually heavy trading volume. SCYNEXIS's stock price continued to decline the next trading day by 11.47% to close at $1.93 per share on September 26, 2023, on unusually heavy trading volume.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/191783
