ROCKVILLE, Md., Nov. 18, 2016 /PRNewswire/ -- Synthetic
Biologics, Inc. (NYSE MKT: SYN), a late-stage clinical company
developing therapeutics focused on the gut microbiome, today
announced the closing of its previously announced underwritten
public offering of 25,000,000 shares of its common stock and
accompanying warrants to purchase 50,000,000 shares of its common
stock at a price to the public of $1.00 per share and accompanying warrants. The
total gross proceeds of the offering were $25.0 million. Net proceeds to Synthetic
Biologics, excluding the proceeds, if any from the exercise of the
warrants, after deducting the underwriter's discount and other
estimated expenses, are expected to be approximately $23.3 million. If exercised in full, the warrants
could result in additional net financing proceeds to the Company of
$78.8 million. The underwriter has a
30-day option from the day of pricing to purchase up to 3,750,000
additional shares of common stock and warrants to purchase up to
7,500,000 additional shares of common stock.
![Synthetic Biologics, Inc. www.syntheticbiologics.com (PRNewsFoto/Synthetic Biologics, Inc.) Synthetic Biologics, Inc. www.syntheticbiologics.com (PRNewsFoto/Synthetic Biologics, Inc.)](https://photos.prnewswire.com/prnvar/20160105/319502LOGO)
Cantor Fitzgerald & Co. acted as the sole book-running
manager for the offering.
A prospectus supplement and 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 prospectus supplement and accompanying prospectus for
information about Synthetic Biologics and this offering.
Copies of the prospectus supplement and accompanying prospectus,
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
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.
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SOURCE Synthetic Biologics, Inc.