SCYNEXIS, Inc. (NASDAQ:SCYX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 13, 2019, the Board of Directors of SCYNEXIS, Inc. appointed Philippe Tinmouth as a member of the Board, effective December 13, 2019. Mr. Tinmouth will serve until SCYNEXIS’s 2020 Annual Meeting of Stockholders and until his successor is duly elected and qualified. In addition, the Board appointed Mr. Tinmouth as a member of the Nominating and Corporate Governance Committee of the Board.
Mr. Tinmouth will receive compensation as a non-employee director of SCYNEXIS as follows: (a) an annual retainer of $35,000; (b) an annual retainer of $3,750 for service as a member of the Nominating and Corporate Governance Committee; (c) an initial stock option grant to purchase 70,000 shares of the company’s common stock, with an exercise price of $0.73, which is equal to the fair market value of a share of SCYNEXIS common stock on December 13, 2019, the date of grant, and which will vest over three years following the date of grant provided that he is continuing to provide service on the applicable vesting date; and (d) each year an annual stock option grant to purchase 45,000 shares of the company’s common stock, with an exercise price per share equal to the fair market value of a share of common stock on the date of grant, which grant will vest in full on the one-year anniversary of the grant date provided that he is continuing to provide service on the applicable vesting date. As a non-employee director, Mr. Tinmouth may elect to receive nonstatutory stock options in lieu of all or a portion of the cash compensation to which he would otherwise be entitled, as described above.
In addition, SCYNEXIS will enter into its standard indemnification agreement with Mr. Tinmouth.
About SCYNEXIS, Inc. (NASDAQ:SCYX)
SCYNEXIS, Inc. is engaged in the discovery, development and commercialization of anti-infectives. The Company is developing its lead product candidate, SCY-078, as an oral and intravenous (IV) drug for the treatment of several fungal infections, including serious invasive fungal infections. SCY-078 is a structurally distinct glucan synthase inhibitor that has been shown to be effective in vitro and in vivo in animal studies against a range of Candida and Aspergillus species, including drug-resistant strains. The Company also conducts additional in vitro and in vivo studies to further characterize the spectrum of activity of SCY-078. The Company has completed multiple Phase I studies with the oral formulation of SCY-078 and is conducting its first Phase I study with the IV formulation of SCY-078. The Company has also developed a platform for cyclophilin inhibitors, which has two clinical stage compounds, such as SCY-635 and SCY-641.
