Form 8-K for SYNTA PHARMACEUTICALS CORP
Entry into a Material Definitive Agreement, Termination of a Material
ITEM 1.01 Entry into a Material Definitive Agreement.
On July 18, 2014, Synta Pharmaceuticals Corp. (the "Company") entered into a new at-the-market issuance sales agreement (the "New Sales Agreement"), with MLV & Co. LLC ("MLV") pursuant to which the Company may issue and sell shares of its common stock from time to time through MLV as its sales agent, subject to certain limitations, including the number of shares registered and available under the Company's previously filed and currently effective shelf registration statement on Form S-3 (File No. 333-187242) (the "Registration Statement").
Any sales of shares of the Company's common stock pursuant to the New Sales Agreement will be made under the Company's Registration Statement and the related prospectus supplement dated July 18, 2014 and filed on July 18, 2014. MLV may sell the shares of common stock by any method that is deemed to be an "at the market offering" as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including by means of ordinary brokers' transactions at market prices, in block transactions or as otherwise agreed by MLV and the Company. MLV may also sell the shares of common stock in negotiated transactions, subject to the Company's prior approval. Subject to the terms and conditions of the New Sales Agreement, MLV will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable laws, rules and regulations to sell the shares of the Company's common stock from time to time, based upon the Company's instructions (including any price, time or size limits or other parameters or conditions the Company may impose). The Company will pay MLV a commission of up to 3.0% of the gross proceeds of the sale of any shares of common stock sold through MLV as agent under the New Sales Agreement. The Company has
I like the CEO comment !
If Gollust is the default CEO, we are doing VERY well !
Mind you that SNTA has EXTREMELY talented Board. Both in the pharma field as well as financial.
I will post info on all members below and aside from Gollust , pay attention to Friedman. For those who remember Friedman was the INCY (Incyte Corp) CEO. The Co was sold and the stock consequently did VERY well (20 to a high of 70 if I recall.)
We also know that ALL SNTA insiders OWN a LOT of SNTA stock and NOT ONE has sold ! Not even the former CEO.
Keith R. Gollust Director and Chairman
Keith R. Gollust has been a member of our Board of Directors since July 2002 and has been our Chairman since September 2002. Mr. Gollust is a private investor and President of Gollust Management, Inc., the general partner of Wyandanch Partners, an investment partnership. In the past, Mr. Gollust has served as a director of numerous public and private companies. Mr. Gollust currently serves as a director of CastleLine Holdings, LLC, an insurance holding company and Script Relief, LLC, a discount prescription drug company. He also is a member of the Board of Trustees of The Julliard School. Mr. Gollust received a B.A. from Princeton University and an MSIA from Carnegie Mellon University. Our Board of Directors has concluded that Mr. Gollust should serve as a director as of the date of this proxy statement based on his past service on the Board of Directors of four other publicly traded companies and his experience as managing general partner of various investment partnerships which gave him responsibility for investing over $1 billion as a fiduciary. [Back to Top]
Paul A. Friedman, M.D. Director
Paul A. Friedman, M.D. was the Chief Executive Officer and a Director of Incyte Corporation from November 2001 and and also its President from May 2004 until his retirement in January 2014. Dr. Friedman has been a Director of Durata Therapeutics, Inc. since May 16, 2013. He has been a Non E
Sentiment: Strong Buy
it replaces similar arrangement of May 7th, except this one is for 50M, last one for 40 M (not sure how much of last one was actually used) Last arrangement had little impact on price as it was announced when stock was near lower BB. Gradual at the market pricing is preferable to below market secondary. it also shows potential partner or acquirer that company has the means and strengthens negotiating posture. As indicated in earlier post MNKD had about 50% dilution as price went from 2's to 10. i added on friday and will add more on dips.
The stock issuance part doesn't necessarily bother me. We all know dilution is a possibility, at least if nothing happens within the next year or so. What does bother me is the new CEO provision whereby the Board has another year to find a CEO instead of 120 days.
Company does need a new CEO if they are going to be sold. Besides, the executive management of this company are all ex CEOs and very experienced businessman. Why do they even need a CEO urgently? They don't.. Just a high paid figure head if you ask me