ROCKVILLE, Md., Nov. 14, 2016 /PRNewswire/ -- Synthetic
Biologics, Inc. (NYSE MKT: SYN), a late-stage clinical company
developing therapeutics focused on the gut microbiome, today
announced that it has commenced an underwritten public offering of
shares of its common stock and warrants to purchase shares of its
common stock. The offering is subject to market conditions,
and there can be no assurance as to whether or when the offering
may be completed, or as to the actual size or terms of the
offering.
Cantor Fitzgerald & Co. is acting as the sole book-running
manager for the offering.
Synthetic Biologics anticipates using the net proceeds from the
offering primarily to provide necessary funding for the continued
clinical development of SYN-010, including initiation of its
planned Phase 2b/3 clinical trial of SYN-010, and progression of
SYN-004 to Phase 2 data readout and initiation of the planned Phase
3 clinical trial for SYN-004. In addition, a portion of the
net proceeds may be used for general corporate purposes, which may
include, among other things, payment of general and administrative
expenses and accounts payable, increasing working capital, funding
research and development and clinical trials of Synthetic
Biologics' other product candidates and funding capital
expenditures. Synthetic Biologics may also use a portion of the net
proceeds for licensing or acquiring intellectual property to
incorporate into its products and product candidates or its
research and development programs, and to in-license, acquire or
invest in complementary businesses or products and intellectual
property.
The securities described above are being offered by Synthetic
Biologics pursuant to a shelf registration statement (File No.
333-206266) that was previously filed with, and declared effective
on August 18, 2015, by the Securities
and Exchange Commission (SEC). A preliminary prospectus supplement
and the accompanying prospectus relating to these securities have
been filed with the SEC and are available at the SEC's website at
www.sec.gov. Before investing, you should read the preliminary
prospectus supplement and the accompanying prospectus for
information about Synthetic Biologics and this offering. A
final prospectus supplement related to the offering will also be
filed with the SEC.
Copies of the preliminary prospectus supplement and accompanying
prospectus relating to the offering, when available, may be
obtained from: Cantor Fitzgerald & Co., Attn: Capital Markets,
499 Park Ave., 6th Floor, New York, New
York 10022, or by telephone at 212-829-7122, or by e-mail at
prospectus@cantor.com.
This press release shall not constitute an offer to sell or a
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 the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Synthetic Biologics, Inc.
Synthetic Biologics, Inc. (NYSE MKT: SYN) is a late-stage
clinical company developing therapeutics focused on the gut
microbiome. The Company's lead candidates poised for Phase 3
development are: (1) SYN-010 which is intended to reduce the impact
of methane producing organisms in the gut microbiome to treat an
underlying cause of irritable bowel syndrome with constipation
(IBS-C), and (2) SYN-004 (ribaxamase) which is designed to protect
the gut microbiome from the effects of certain commonly used
intravenous (IV) beta-lactam antibiotics for the prevention of C.
difficile infection, antibiotic-associated diarrhea (AAD) and the
emergence of antibiotic-resistant organisms. The Company is also
developing preclinical stage monoclonal antibody therapies for the
prevention and treatment of pertussis and novel discovery stage
biotherapeutics for the treatment of phenylketonuria (PKU).
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. In some cases, forward-looking statements can be identified
by terminology such as "may," "should," "potential," "continue,"
"expects," "anticipates," "intends," "plans," "believes,"
"estimates," and similar expressions. These statements are based
upon current beliefs, expectations and assumptions and are subject
to a number of risks and uncertainties, many of which are difficult
to predict and include statements with respect to this offering and
the successful execution of the Company's business strategy,
including its intended use of proceeds from this offering.
These forward-looking statements are based upon management's
beliefs, expectations and assumptions as of the date of this press
release and are subject to a number of substantial risks and
uncertainties, many of which are difficult to predict and could
cause actual results to differ materially and adversely from
current beliefs, expectations and assumptions from those set forth,
projected or implied by any such forward-looking statements.
Important factors that could cause actual results to differ
materially from those reflected in Synthetic Biologics'
forward-looking statements include, among others, market conditions
and the satisfaction of customary closing conditions related to the
proposed public offering, including the underwriter's exercise of
their option to purchase additional securities, as well as risks
and uncertainties associated with the Company's business and
finances in general, including the other risk factors described in the
preliminary prospectus supplement and accompanying prospectus
relating to this offering and the risk factors incorporated by
reference therein from Synthetic Biologics' most recent annual
report on Form 10-K that was filed with the U.S. Securities and
Exchange Commission (SEC) on March 10,
2016, and its other filings with the SEC, including
subsequent periodic reports on Forms 10-Q and 8-K. The
information in this release is provided only as of the date of this
release, and Synthetic Biologics undertakes no obligation to update
any forward-looking statements contained in this release on account
of new information, future events, or otherwise, except as required
by law.
Logo - http://photos.prnewswire.com/prnh/20160105/319502LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/synthetic-biologics-announces-commencement-of-public-offering-of-common-stock-and-warrants-300362429.html
SOURCE Synthetic Biologics, Inc.