Synergy Pharmaceuticals Announces Closing of Public Offering of 1,875,000 Units

NEW YORK--(BUSINESS WIRE)--Synergy Pharmaceuticals, Inc. (NASDAQ: SGYPD, SGYPU), a developer of new drugs to treat gastrointestinal disorders and diseases, announced the closing of its underwritten public offering of 1,875,000 units at an offering price of $8.00 per unit, with each unit consisting of two shares of common stock and one warrant to purchase one share of common stock. The common stock and warrants will not be separately transferable until the earlier of (i) the exercise in full of the underwriters' overallotment option or (ii) January 15, 2012. Each warrant will have an exercise price of $5.50 per share, will be exercisable upon separation of the units and will expire five years from the date of issuance. When separately transferable, the warrants will trade on The NASDAQ Capital Market under the symbol “SGYPW”. Synergy received net proceeds, after deducting the underwriting discount and estimated offering expenses, of approximately $13.97 million. Synergy has also granted the underwriters a 45-day option to purchase up to an additional 281,250 units to cover over-allotments, if any. On December 28, 2011, the common stock will trade on The NASDAQ Capital Market under the symbol “SGYP.”