LEXINGTON, Mass.--(BUSINESS WIRE)--Synta Pharmaceuticals Corp. (NASDAQ: SNTA), a biopharmaceutical company focused on discovering, developing, and commercializing small molecule drugs to treat severe medical conditions, today announced that it has entered into common stock purchase agreements with various investors for the sale of approximately 7.2 million shares of its common stock in an issuer-directed registered direct offering at $4.89 per share, the closing price on April 14, 2011. There were no warrants issued as part of this transaction. Net proceeds are expected to be approximately $35 million. Approximately 22% of the shares are committed to purchases by insiders of the company, with the remainder being purchased by institutional investors. The offering is expected to close on or about April 20, 2011, subject to satisfaction of customary closing conditions.
