ROCKVILLE, Md., July 21, 2015 /PRNewswire/ -- Synthetic
Biologics, Inc. (NYSE MKT: SYN), a clinical-stage company focused
on developing therapeutics to protect the microbiome while
targeting pathogen-specific diseases, today announced that it has
closed the public offering of 15.3 million shares of common stock,
including the fully exercised over-allotment option by the
underwriters covering 2.0 million shares, at an offering price of
$3.00 per share. The total gross
proceeds of the offering, including the exercise in full of the
over-allotment option, were approximately $46.0 million. Net proceeds to the Company, after
deducting the underwriters' discount and other estimated expenses,
are expected to be approximately $42.6
million.
The Company anticipates using the net proceeds from the offering
to fund its clinical programs including Phase 2 clinical
candidates, SYN-004 for the prevention of C. difficile and
SYN-010 for the treatment of irritable bowel syndrome with
constipation (IBS-C), research & development, potential
licensing and acquisition of intellectual property, investments in
and acquisition of complementary businesses or partnerships, and
for general corporate purposes.
William Blair & Company,
L.L.C. and RBC Capital Markets, L.L.C. are the joint book-running
managers for the offering. BTIG, LLC is serving as co-manager for
the offering.
A preliminary prospectus supplement and a final prospectus
supplement relating to these securities have been filed with the
SEC and are available at the SEC's website at www.sec.gov. Copies
of the preliminary prospectus supplement and the final prospectus
supplement may also be obtained from William Blair & Company, L.L.C., Attention:
Prospectus Department, 222 West Adams Street, Chicago, Illinois 60606, by telephone at (800)
621-0687, or by email at prospectus@williamblair.com. RBC Capital
Markets, L.L.C., Attention: Equity Syndicate, 200 Vesey Street,
8th Floor, New York, NY
10281-8098, or by telephone at (877) 822-4098.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
About Synthetic Biologics, Inc.
Synthetic Biologics, Inc. (NYSE MKT: SYN) is a
microbiome-focused, clinical-stage company developing therapeutics
to protect the microbiome while targeting pathogen-specific
diseases. The Company's lead candidates in Phase 2 development
include SYN-004 which is designed to protect the gut microbiome
from the effects of certain commonly used intravenous (IV)
antibiotics for the prevention of C. difficile infection and
antibiotic-associated diarrhea (AAD), and SYN-010 which is intended
to reduce the impact of methane producing organisms in the gut
microbiome to treat the underlying cause of irritable bowel
syndrome with constipation (IBS-C). In addition, the Company is
developing a Phase 2 oral estriol drug for the treatment of
relapsing-remitting multiple sclerosis (MS) and cognitive
dysfunction in MS, and a monoclonal antibody combination for the
treatment of Pertussis. For more information, please visit
Synthetic Biologics' website at www.syntheticbiologics.com.
This release includes forward-looking statements on Synthetic
Biologics' current expectations and projections about future
events. 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. The
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those set
forth or implied by any 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, the additional clinical studies and
results not meeting expectations, the inability to commence and
complete clinical trials when anticipated and other factors
described in Synthetic Biologics' report on Form 10-K for the year
ended December 31, 2014 and any other
filings with the SEC. 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.