Synergy Pharmaceuticals Announces Amendment to CRG Debt Agreement
13 Giugno 2018 - 1:30PM
Business Wire
Synergy Pharmaceuticals Inc. (NASDAQ: SGYP), a biopharmaceutical
company focused on the development and commercialization of novel
gastrointestinal (GI) therapies, today announced that it has
received a waiver to extend the draw down date of the second
borrowing under its Term Loan Agreement with CRG LP from June 30,
2018 to August 29, 2018.
“This waiver provides us with additional time and flexibility
while we continue to assess various strategic options that align
with our commitment to maximize shareholder value,” said Gary
Gemignani, EVP and Chief Financial Officer of Synergy
Pharmaceuticals Inc. “We appreciate CRG’s continued support and
willingness to work with us during this ongoing strategic review.
We look forward to providing an update on or before we report our
second quarter 2018 results on August 9th.”
Synergy has the ability to access up to $100 million in 2018 in
three tranches under the amended Term Loan Agreement. The amended
Term Loan Agreement provides for future potential borrowings of $25
million, $25 million and $50 million on or before August 29, 2018,
September 30, 2018 and December 31, 2018, respectively, subject to
the satisfaction of certain borrowing conditions.
About Synergy Pharmaceuticals Inc.
Synergy is a biopharmaceutical company focused on the
development and commercialization of novel GI therapies. The
company has pioneered discovery, research and development efforts
on analogs of uroguanylin, a naturally occurring and endogenous
human GI peptide, for the treatment of GI diseases and disorders.
Synergy’s proprietary GI platform includes one commercial product
TRULANCE and a second lead product candidate, dolcanatide. For more
information, please visit www.synergypharma.com.
About CRG
CRG is a premier healthcare investment firm that has committed
more than $3 billion of assets across three funds and more than 45
portfolio companies to date. The firm seeks to commit
between $20 to $300 million in each investment across the
healthcare spectrum, including: medical devices,
biopharmaceuticals, tools & diagnostics, services and
information technology. CRG provides growth capital in the form of
long-term debt and equity to support innovative, commercial-stage
healthcare companies that address large, unmet medical needs. The
firm partners with public and private companies to provide flexible
financing solutions and world-class support to achieve exceptional
growth objectives with minimal dilution. CRG maintains offices in
Boulder, Houston and New York. For more information,
please visit www.crglp.com.
Forward-Looking Statement
This press release and any statements made for and during any
presentation or meeting contain forward-looking statements related
to Synergy Pharmaceuticals Inc. under the safe harbor provisions of
Section 21E of the Private Securities Litigation Reform Act of 1995
and are subject to risks and uncertainties that could cause actual
results to differ materially from those projected. These statements
may be identified by the use of forward-looking words such as
"anticipate," "planned," "believe," "forecast," "estimated,"
"expected," and "intend," among others. There are a number of
factors that could cause actual events to differ materially from
those indicated by such forward-looking statements. These factors
include, but are not limited to, the timing and potential for
successful development, launch, introduction and commercial
potential of TRULANCE; growth and opportunity, including peak sales
and the potential demand for TRULANCE, as well as its potential
impact on applicable markets; market size; substantial competition;
our ability to fund the payment of interest and principal of the
loan amounts and to continue as a going concern; our need for
additional financing; uncertainties of patent protection and
litigation; uncertainties of government or third party payer
reimbursement; dependence upon third parties; our financial
performance and results, including the risk that we are unable to
manage our operating expenses or cash use for operations, or are
unable to commercialize our products, within the guided ranges or
otherwise as expected; and risks related to failure to obtain FDA
clearances or approvals and noncompliance with FDA regulations. As
with any pharmaceutical under development, there are significant
risks in the development, regulatory approval and commercialization
of new products. There are no guarantees that future clinical
trials discussed in this press release will be completed or
successful or that any product will receive regulatory approval for
any indication or prove to be commercially successful. Investors
should read the risk factors set forth in Synergy's most recent
periodic reports filed with the Securities and Exchange Commission,
including Synergy’s Form 10-K for the year ended December 31, 2017.
While the list of factors presented here is considered
representative, no such list should be considered to be a complete
statement of all potential risks and uncertainties. Unlisted
factors may present significant additional obstacles to the
realization of forward-looking statements. Forward-looking
statements included herein are made as of the date hereof, and
Synergy does not undertake any obligation to update publicly such
statements to reflect subsequent events or circumstances except as
required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180613005159/en/
Company:Gem Hopkins, 212-584-7610VP, Investor Relations
and Corporate Communicationsghopkins@synergypharma.com
Grafico Azioni Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP)
Storico
Da Giu 2023 a Giu 2024