DGAP-News: Synergy Pharmaceuticals Inc. Announces Pricing of Public Offering of Common Stock

ID: 1215340
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(businesspress24) - Synergy Pharmaceuticals

11.04.2013 02:56

NEW YORK, 2013-04-11 02:55 CEST (GLOBE NEWSWIRE) --
Synergy Pharmaceuticals Inc. (Nasdaq:SGYP), a developer of new drugs to treat
gastrointestinal disorders and diseases, today announced the pricing of an
underwritten public offering of 16,375,000 shares of its common stock. The
gross proceeds to Synergy from this offering are expected to be $90,062,500,
before deducting underwriting discounts and commissions and other estimated
offering expenses payable by Synergy. The offering is expected to close on or
about April 16, 2013, subject to customary closing conditions. Synergy has also
granted to the underwriter a 30-day option to purchase from it up to an
additional 2,456,250 shares of its common stock.

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, and for working capital and other
general corporate purposes, and possibly acquisitions of other companies,
products or technologies, though no such acquisitions are currently

Credit Suisse, Citigroup and Canaccord Genuity are acting as book-running
managers in this offering, and Cantor Fitzgerald is acting as a co-manager.

A registration statement relating to the shares described above was previously
filed with and has become effective by rule of the Securities and Exchange
Commission (SEC). A final prospectus supplement relating to the offering will
be filed with the SEC and will be available on the SEC's website at
http://www.sec.gov. Copies of the final prospectus supplement and related
prospectus, when available, may be obtained from Credit Suisse Securities (USA)
LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010,

or by telephone at (800) 221-1037, or by e-mail at
newyork.prospectus(at)credit-suisse.com; or Citigroup, c/o Broadbridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone
at (800) 831-9146, or by e-mail at batprospectus(at)citi.com; or Canaccord Genuity
Inc., Attention: Syndicate Department, 99 High Street, 12th Floor, Boston,
Massachusetts 02110, or by telephone at (617) 371-3900.

This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of, the shares in any state or
other jurisdiction which such offer, solicitation or sale would be unlawful
prior to the registration or qualification under the securities laws of any
such state or other jurisdiction.

About Synergy Pharmaceuticals Inc.

Synergy is a biopharmaceutical company focused on the development of new drugs
to treat gastrointestinal disorders and diseases. Synergy's lead proprietary
drug candidate, plecanatide, is a synthetic analog of the human
gastrointestinal hormone uroguanylin, and functions by activating the guanylate
cyclase C receptor on epithelial cells of the GI tract. Synergy completed a
positive Phase I study of plecanatide in healthy volunteers, and positive Phase
IIa and Phase IIb/III clinical trials in patients with chronic idiopathic
constipation (CIC). Detailed positive findings from a recently completed 951
patient CIC clinical trial will be presented at a major scientific meeting this
year. Synergy is also developing plecanatide for the treatment of irritable
bowel syndrome with constipation (IBS-C), having initiated the first trial in
IBS-C patients in late 2012. Synergy's second GC-C agonist, SP-333, is in
clinical development to treat inflammatory bowel diseases, and is currently in
a Phase Ib trial in healthy volunteers having recently completed a Phase Ia

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 'plan,' 'expect,'
'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. These statements include, but are
not limited to, statements regarding our expectations regarding clinical
trials, the timing of clinical results, development timelines and regulatory
filings and submissions for our product candidates, our current Phase 2b 90-day
clinical trial of plecanatide in IBS-C patients, our current Phase 1b clinical
trial of SP-333, our intention to initiate a Phase 1 clinical trial of SP-333
for the treatment of ulcerative colitis during the second half of 2012, our
liquidity and our expectations regarding our needs for and ability to raise
additional capital and the amount, and our expected uses, of the net proceeds
of this offering. Synergy does not undertake an obligation to update or revise
any forward-looking statement. These forward-looking statements are based on
our current expectations and projections about future events and they are
subject to risks and uncertainties known and unknown to us that could cause
actual results and developments to differ materially from those expressed or
implied in such statements, including the risks described under 'Risk Factors'
in our Annual Report on Form 10-K for the year ended December 31, 2012 and
other periodic reports filed with the Securities and Exchange Commission.

CONTACT: Investor Contact Information:
Danielle Spangler
The Trout Group
(646) 378-2924
News Source: NASDAQ OMX

11.04.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de


Language: English
Company: Synergy Pharmaceuticals

United States
ISIN: US8716393082

End of Announcement DGAP News-Service


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Date: 04/10/2013 - 20:56
Language: English
News-ID 1215340
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Firma: Synergy Pharmaceuticals
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