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news.Scynexis, a drug discovery and development company, has announced the completion of a $13.5 million Series C-2 financing, which was led by Merial, a joint venture between Merck & Co and Sanofi-Aventis. SR One, GlaxoSmithKline's independent corporate healthcare venture capital fund, also participated.
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In 2005, Scynexis was selected as the primary research partner for Merial, an animal health company, in an agreement that included up to $150 million in research funding and additional undisclosed milestone and royalty payments. This collaboration was expanded in May 2007 and in December 2007 Scynexis received its first payment. SR One initially invested in Scynexis in the company’s Series C round in 2002.
Yves Ribeill, president and CEO of Scynexis, said: It is tremendously validating when current collaborators and investors demonstrate continued commitment. We are extremely pleased with Merial and SR One’s confidence in both our growth potential and in the role Scynexis will play discovering and developing human and animal therapeutics, including new treatments for neglected diseases.