NEW YORK-- Synergy Pharmaceuticals Inc. (NASDAQ:SGYP), a biopharmaceutical company focused on the development and commercialization of novel gastrointestinal (GI) therapies, today announced that it has entered into definitive agreements with certain institutional investors to sell 29,948,334 shares of common stock at a price of $3.00 per share.
The shares were offered and sold directly to institutional investors by the company in a registered direct offering conducted without an underwriter or placement agent. The net proceeds from the offering, after deducting estimated offering expenses, will be approximately $89.7 million. The offering is expected to close on or about May 6, 2016.
Synergy intends to use the net proceeds from the offering to fund its commercialization activities for plecanatide, further clinical development of plecanatide and dolcanatide and for working capital and other general corporate purposes.
Here's the update: The IRWD report was removed from PhaseFiveResearch site in response to a complaint from the FAERS(FDA Adverse Event Reporting System) data source. So there is no bad news for IRWD. Which is why it's back up today.