Synergy Pharmaceuticals Inc Announces Closing Of Public Offering Of 10,000,000 Shares Of Common Stock

Synergy Pharmaceuticals Inc announced the closing of its underwritten public offering of 10,000,000 shares of common stock at an offering price of $4.50 per share. Synergy received net proceeds, after deducting the underwriting discount and estimated offering expenses, of approximately $42.0 million. Synergy has also granted the underwriters a 45-day option to purchase up to an additional 1,500,000 shares of common stock to cover over-allotments, if any. Synergy intends to use the net proceeds from this offering to fund its research and development activities, including its ongoing Phase II/III clinical trial of plecanatide and its Phase I clinical trial of SP-333, and for working capital and other general corporate purposes. Aegis Capital Corp. acted as the sole book-running manager for the offering. Roth Capital Partners acted as lead manager, Brean Murray, Carret & Co. and Summer Street Research Partners acted as co-managers.