ROCKVILLE, Md., Dec. 5, 2017 /PRNewswire/ -- Synthetic Biologics,
Inc. (NYSE American: SYN), a late-stage clinical company developing
therapeutics that preserve the microbiome to protect and restore
the health of patients, announced today that Steve Shallcross, the Company's Chief Financial
Officer, has been named interim CEO to succeed Jeff Riley, who has resigned as an officer and
director of the Company, effective immediately, for personal
reasons.
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Jeffrey Kraws, the Company's
non-executive Independent Chairman of the Board stated, "The Board
is very confident in the ability of Steve
Shallcross and Joe Sliman,
the Company's Chief Medical Officer, to continue the Company's
development activities. We understand Jeff's decision to step down
as CEO and as a Board member and are grateful for his leadership
and accomplishments. During his tenure, he has led significant
changes at the Company, including its transition to a company
focused on therapeutics that preserve the microbiome. On behalf of
the Board and the Company, we thank Jeff for his dedication and
many years of service, and wish him all the best in his future
endeavors."
About Synthetic Biologics, Inc.
Synthetic Biologics, Inc. (NYSE American: SYN) is a late-stage
clinical company developing therapeutics designed to preserve the
microbiome to protect and restore the health of patients. The
Company's lead candidates poised for Phase 3 development are: (1)
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 (CDI), overgrowth of pathogenic organisms and the
emergence of antimicrobial resistance (AMR), and (2) 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). 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). For
more information, please visit Synthetic Biologics' website at
www.syntheticbiologics.com.
This press 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 regarding the
intended benefits of its drug candidates. These forward-looking
statements are based on management's 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 expectations and assumptions from those set
forth, projected or implied by any forward-looking statements.
Important factors that could cause actual results to differ
materially from current expectations include, among others,
Synthetic Biologics' ability to retain a new CEO that successfully
integrates with its management team, Synthetic Biologics' product
candidates demonstrating safety and effectiveness, as well as
results that are consistent with prior results, Synthetic
Biologics' ability to initiate clinical trials and if initiated, to
complete them on time and achieve desired results and benefits,
Synthetic Biologics' clinical trials continuing enrollment as
expected, Synthetic Biologics' ability to obtain regulatory
approvals for commercialization of product candidates or to comply
with ongoing regulatory requirements, regulatory limitations
relating to Synthetic Biologics' ability to promote or
commercialize its product candidates for specific indications,
acceptance of its product candidates in the marketplace and the
successful development, marketing or sale of Synthetic Biologics'
products by competitors that render Synthetic Biologics' products
obsolete or non-competitive, Synthetic Biologics' ability to
maintain its license agreements, the continued maintenance and
growth of Synthetic Biologics' patent estate, Synthetic Biologics
becoming and remaining profitable, Synthetic Biologics' ability to
establish and maintain collaborations, Synthetic Biologics' ability
to obtain or maintain the capital or grants necessary to fund its
research and development activities, a loss of any of Synthetic
Biologics' key scientists or management personnel, and other
factors described in Synthetic Biologics' Annual Report on Form
10-K for the year ended December 31,
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 revise or
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.