Key Developments: Synergy Pharmaceuticals Inc (SGYP.W)
5.05USD
22 May 2013
$0.11 (+2.23%)
$4.94
$5.20
$5.30
$5.03
7,001
4,369
$7.43
$3.03
Latest Key Developments (Source: Significant Developments)
Synergy Pharmaceuticals Inc Announces Closing of Public Offering of Shares of Common Stock
Synergy Pharmaceuticals Inc announced the closing of its underwritten public offering of 16,375,000 shares of common stock at an offering price of $5.50 per share. Synergy received net proceeds, after deducting the underwriting discount and estimated offering expenses, of approximately $84.5 million. Synergy has also granted the underwriters a 30-day option to purchase up to an additional 2,456,250 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 further clinical development of plecanatide and its other pipeline programs, for working capital, other general corporate purposes, and possibly acquisitions of other companies, products or technologies, though no such acquisitions are currently contemplated. Credit Suisse, Citigroup and Canaccord Genuity are acting as book-running managers in this offering, and Cantor Fitzgerald is acting as a co-manager. Full Article
Synergy Pharmaceuticals Inc Announces Public Offering of Common Stock
Synergy Pharmaceuticals Inc announced that it is offering to sell an aggregate value of $90,000,000 of its common stock in an underwritten public offering (or an aggregate value of $103,500,000 of its common stock if the underwriters of such offering exercise their over-allotment option in full). Credit Suisse, Citigroup and Canaccord Genuity are acting as book-running managers in this offering. Full Article
Synergy Pharmaceuticals Inc Announces Closing Of Merger With Callisto Pharmaceuticals, Inc-DJ
Dow Jones reported that Synergy Pharmaceuticals Inc announced that its previously announced merger with Callisto Pharmaceuticals, Inc. closed effective on January 17, 2013. Under the terms of the merger agreement, as amended, each outstanding share of Callisto common stock was converted into the right to receive 0.1799 of one share of Synergy common stock and the approximately 22.3 million shares of Synergy held by Callisto were canceled. Consequently, effective as of the close of business on January 17, 2013, Callisto's common stock will no longer be traded on the OTC QB. Each share of Synergy common stock received in connection with the merger will be subject to a lock-up beginning January 17, 2013 and ending on the earlier of: January 17, 2015, a Change in Control of Synergy (as defined in the merger agreement), or written consent of Synergy, at Synergy's sole discretion, provided that such consent shall apply to all shares issued pursuant to the merger. Full Article
Synergy Pharmaceuticals Inc Announces Positive Results From Plecanatide Phase IIb/III Trial in Patients With Chronic Idiopathic Constipation
Synergy Pharmaceuticals Inc announced that plecanatide, its investigational oral drug for the treatment of chronic idiopathic constipation (CIC), was well tolerated and met the primary and key secondary endpoints of a Phase IIb/III clinical study. Full study results will be presented at a scientific meeting this year. The randomized, double-blind, placebo-controlled, repeat-dose, dose-ranging study was designed to determine whether plecanatide could increase the number of complete spontaneous bowel movements (CSBM's) and impact other parameters such as stool consistency, straining and time to first bowel movement in patients with CIC. The 12-week study, which included 951 CIC patients at 113 clinical sites in the United States, evaluated 3 doses of plecanatide (0.3, 1.0, 3.0 mg) plus a placebo arm. Evidence of increasing efficacy was seen at increasing dose levels. Notably, the 3 mg dose in the current trial demonstrated a 19% (p=0.009) overall responder rate (vs. placebo of 10.7%), as well as demonstrating a mean increase in CSBMs over the 12-week treatment period of 2.13 (p<0.001). In addition, statistically improvements were seen in key secondary endpoints. The incidence of diarrhea at 3 mg was observed to be 9.7% (vs. placebo incidence of 1.3%). Full Article
Synergy Pharmaceuticals Inc Begins Phase IIb Trial Of Plecanatide In Irritable Bowel Syndrome With Constipation
Synergy Pharmaceuticals Inc announced that dosing has commenced in a Phase IIb clinical trial of plecanatide to treat patients with constipation-predominant irritable bowel syndrome (IBS-C). This trial is being conducted at 70 sites in the United States and includes 350 patients with IBS-C who will be treated with one of four doses of plecanatide (0.3, 1.0, 3.0, or 9.0 mg) or placebo, taken once daily over a period of 12 weeks. PAREXEL International is the Contract Research Organization for the trial. Patients must meet the Rome III criteria for IBS as demonstrated by a history of recurrent abdominal pain or discomfort covering at least three days/month in the last three months associated with two or more of: improvement with defecation, onset associated with a change in frequency of stool, and 3) onset associated with a change in form (appearance) of stool. Patients must also meet the criteria for the IBS-C subtype, which is further characterized by stool pattern such that = 25% of defecations are hard or lumpy stools and = 25% of defecations are loose or watery stools. Full Article
Synergy Pharmaceuticals Inc Acquires FV-100 Shingles Drug From Bristol-Myers Squibb Co
Synergy Pharmaceuticals Inc announced that it has signed an Asset Purchase Agreement with Bristol-Myers Squibb Co and has acquired the assets related to FV-100, an orally available nucleoside analogue, currently being developed for the treatment of shingles, a severe, painful skin rash caused by reactivation of the varicella zoster virus - the virus that causes chickenpox. Full Article
Synergy Pharmaceuticals Inc Signs Definitive Agreement to Acquire Callisto Pharmaceuticals, Inc.
Synergy Pharmaceuticals Inc announced that they have entered into a definitive merger agreement pursuant to which Callisto will merge into Synergy. Under the terms of the merger agreement, each outstanding share of Callisto common stock will be exchanged for 0.17 shares of Synergy common stock and the 22,295,000 shares of Synergy held by Callisto will be canceled. In addition, the shares of common stock of Synergy issued to the Callisto stockholders will be subject to a lockup beginning on the effective date of the merger and ending on the earlier of eighteen (18) months after such date or a Change in Control (as defined in the merger agreement). Under the terms of the merger agreement, at closing, Synergy will issue, and Callisto stockholders will receive, in a tax-free exchange, shares of Synergy common stock such that Callisto stockholders will own approximately 38.3% of the combined company on a pro forma basis and Synergy stockholders will own approximately 61.7%. Completion of the transaction is subject to the approval of Synergy and Callisto shareholders, required regulatory approvals and certain other conditions as set forth in the definitive merger agreement. The transaction is expected to close by the end of October 2012. Canaccord Genuity Inc. is acting as exclusive financial advisor to Synergy and Brean Murray, Carret & Co. is acting as exclusive financial advisor to Callisto. Full Article
Synergy Pharmaceuticals Inc Announces Partial Exercise Of Over-Allotment Option By Aegis Capital Corp
Synergy Pharmaceuticals Inc announced the partial exercise of the over-allotment option granted to the underwriters with respect to the purchase of 750,000 shares of common stock at a public offering price of $4.50 per share, in connection with its previously announced underwritten public offering of 10,000,000 shares of common stock, bringing total gross proceeds from the offering to $48,375,000. Aegis Capital Corp. acted as the sole book-running manager for the offering. Roth Capital Partners acted as lead manager and Brean Murray, Carret & Co., LLC and Summer Street Research Partners acted as co-managers. Full Article
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. Full Article
Synergy Pharmaceuticals Inc Announces Pricing Of Public Offering Of 10,000,000 Shares Of Common Stock
Synergy Pharmaceuticals Inc announced the pricing of an underwritten public offering of 10,000,000 shares of common stock at an offering price of $4.50 per share. The gross proceeds to Synergy from this offering are expected to be $45 million, before deducting underwriting discounts and commissions and other estimated offering expenses. The offering is expected to close on May 9, 2012. 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. All of the shares in the offering are to be sold by Synergy. 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. is acting as the sole book-running manager for the offering. Full Article
BRIEF-Synergy Pharmaceuticals shares off 6 pct premarket
NEW YORK, April 11 - Synergy Pharmaceuticals Inc : * Shares off 6 percent premarket after pricing of stock offering
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
