CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jan. 31, 2018--
(Nasdaq: SYBX), a clinical-stage company applying synthetic biology
to probiotics to develop novel living medicines, today announced it has
issued an additional 769,500 shares of common stock at the public
offering price of $9.75 per share, resulting in additional gross
proceeds of approximately $7.5 million, pursuant to the exercise of the
underwriters’ option to purchase additional shares in connection with
Synlogic’s previously announced public offering of common stock.
Following the exercise of the option, the total number of shares sold by
Synlogic in the public offering was 5,899,500 shares and the gross
proceeds were approximately $57.5 million, before deducting underwriting
discounts and commissions and expenses associated with the offering
payable by Synlogic. All the shares sold in the offering were offered by
Leerink Partners and Piper Jaffray & Co. acted as joint book-running
managers for the offering. H.C. Wainwright & Co. acted as lead manager
for the offering.
Synlogic intends to use the net proceeds from the offering, together
with its existing cash and cash equivalents, as follows: to fund its two
planned Phase 1b/2a clinical trials of SYNB1020 (one study involving HE
patients and the other study involving UCD patients) through completion;
to fund activities in process development, formulation and toxicology as
needed for subsequent initiation of a Phase 2b clinical trial in
patients with liver cirrhosis with elevated blood ammonia; to fund its
planned Phase 1/2a clinical trial of SYNB1618 through completion and to
support acceleration of a Phase 2b clinical trial of SYNB1618 for PKU
patients and continued process development and formulation activities;
to fund further preclinical development in its immuno-oncology programs
and drug discovery activities in its other programs; and for working
capital and general corporate purposes.
The securities described above were offered by Synlogic pursuant to its
shelf registration statement on Form S-3 (File No. 333-220948) filed
with the Securities Exchange Commission (the “SEC”) on October 13, 2017
and declared effective by the SEC on October 25, 2017. A preliminary and
final prospectus supplement and accompanying prospectus relating to the
offering was filed with the SEC. Copies of the final prospectus
supplement and the accompanying prospectus relating to the offering may
be obtained from Leerink Partners LLC, Attention: Syndicate Department,
One Federal Street, 37th Floor, Boston, MA 02110, by telephone at (800)
808-7525 ext. 6132 or by email at firstname.lastname@example.org;
or from Piper Jaffray & Co., 800 Nicollet Mall, J12S03, Minneapolis, MN
55402, Attention: Prospectus Department, by telephone at (800) 747-3924,
or by email at email@example.com.
The preliminary and final prospectus supplement and accompanying
prospectus is also available on the SEC’s website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any
sale of these securities, in any state or other jurisdiction in which
such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or other
jurisdiction. Any offer, if at all, will be made only by means of the
prospectus supplement and accompanying prospectus forming a part of the
effective registration statement.
Synlogic is pioneering the development of a
novel class of living medicines, Synthetic Biotic medicines, based on
its proprietary drug development platform. Synlogic’s initial pipeline
includes Synthetic Biotic medicines for the treatment of rare genetic
diseases, such as urea cycle disorders (UCD) and phenylketonuria (PKU).
In addition, the company is leveraging the broad potential of its
platform to create Synthetic Biotic medicines for the treatment of more
common diseases, including liver disease, inflammatory and immune
disorders, and cancer. Synlogic is collaborating with AbbVie to develop
Synthetic Biotic-based treatments for inflammatory bowel disease (IBD).
This release contains
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements regarding
Synlogic’s expected and intended use of proceeds from the offering.
These forward-looking statements speak only as of the date of this press
release and are subject to a number of risks, uncertainties and
assumptions, including those described in the company’s periodic filings
with the SEC. The events and circumstances reflected in the company’s
forward-looking statements may not be achieved or occur and actual
results could differ materially from those projected in the
forward-looking statements. Additional information on risks facing
Synlogic can be found under the heading “Risk Factors” in Synlogic’s
periodic reports, including its quarterly report on Form 10-Q for the
quarter ended September 30, 2017, and in the preliminary and final
prospectus supplement related to the offering filed with the SEC, each
available on the SEC’s web site at www.sec.gov.
Except as required by applicable law, the company does not plan to
publicly update or revise any forward-looking statements contained
herein, whether as a result of any new information, future events,
changed circumstances or otherwise.
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Courtney Heath, 617-872-2462
Elizabeth Wolffe, Ph.D., 617-207-5509