SCYNEXIS (SCYX) said Tuesday that it has entered into a securities purchase agreement with investors for a private placement that is expected to raise gross proceeds of about $40 million.

The company will issue about 34.8 million of its common shares, pre-funded warrants to buy up to about 8.8 million common shares and accompanying common warrants to buy up to 43.5 million common shares.

The company expects up to an additional $52.2 million in gross proceeds if the common warrants are fully exercised for cash.

The private placement is expected to close on or about Wednesday. The company said it plans to use the net proceeds for working capital and general corporate purposes.

SCYNEXIS separately said Tuesday that it entered into a definitive agreement with Poxel to acquire PXL-770 and renamed it SCY-770.

SCY-770 is an oral therapy used for the treatment of autosomal dominant polycystic kidney disease, for which a phase 2 proof-of-concept study is expected to start in Q4.

The company's shares were up 2.7% during Tuesday premarket activity.