Synergy Pharmaceuticals Announces Full Exercise of Over-Allotment Option by Aegis Capital Corp.
13 Dicembre 2011 - 10:41PM
Business Wire
Synergy Pharmaceuticals, Inc. (Nasdaq: SGYPD, SGYPU), a
developer of new drugs to treat gastrointestinal disorders and
diseases, announced the full exercise of the over-allotment option
granted to the underwriters to purchase 281,250 additional units,
at a public offering price of $8.00 per unit, in connection with
its previously announced underwritten public offering of 1,875,000
units, bringing total gross proceeds from the offering to
$17,250,000.
On December 15, 2011, the holders of Synergy’s units may elect
to separately trade the common stock and warrants underlying the
units on The NASDAQ Capital Market under the symbols "SGYPD" and
"SGYPW", respectively. The warrants will be exercisable at an
exercise price of $5.50 per share upon separation of the units and
will expire on December 6, 2016. Those units not separated will
continue to trade on The NASDAQ Capital Market under the symbol
“SGYPU.”
Aegis Capital Corp. acted as the sole book-running manager and
EarlyBirdCapital, Inc. acted as co-manager for the offering. A
shelf registration statement and accompanying base prospectus on
Form S-3 relating to the shares was filed with the Securities and
Exchange Commission and is effective. A preliminary prospectus
supplement relating to the offering has been filed with the SEC and
is available on the SEC’s web site at http://www.sec.gov. Copies of
the final prospectus supplement relating to the offering may be
obtained from the offices of Aegis Capital Corp., Prospectus
Department, 810 Seventh Avenue, 11th Floor, New York, NY, 10019,
telephone: 212-813-1010 or email: prospectus@aegiscap.com., or from
the above-mentioned SEC website.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, these securities, nor will there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale is not permitted.
About Synergy Pharmaceuticals, Inc.
Synergy is a biopharmaceutical company focused on the
development of new drugs to treat gastrointestinal disorders and
diseases. Synergy's proprietary drug candidate plecanatide is a
synthetic analog of the human gastrointestinal hormone uroguanylin,
and functions by activating the GC-C receptor on epithelial cells
of the GI tract. Synergy completed a Phase I study of plecanatide
in healthy volunteers and a Phase IIa clinical trial in patients to
treat chronic idiopathic constipation (CIC) patients. In October
2011, Synergy initiated dosing of patients in a major Phase II/III
clinical trial of plecanatide in CIC patients. Plecanatide is also
being developed to treat constipation-predominant irritable bowel
syndrome, with the first trial in IBS-C patients planned for 2012.
Synergy's second GC-C agonist SP-333 is currently in pre-clinical
development to treat inflammatory bowel diseases. More information
is available at http://www.synergypharma.com.
Certain statements in this press release are forward-looking
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements may be identified by the use of
forward-looking words such as "anticipate," "believe," "forecast,"
"estimated" and "intend," among others. These forward-looking
statements are based on Synergy's current expectations and actual
results could differ materially. 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, substantial competition; our ability 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; limited sales and marketing
efforts and dependence upon third parties; 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.
Synergy does not undertake an obligation to update or revise any
forward-looking statement. Investors should read the risk factors
set forth in Synergy's Form 10-K for the year ended December 31,
2010 and periodic reports filed with the Securities and Exchange
Commission.
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