ROCKVILLE, Md., Nov. 16, 2020 /PRNewswire/ -- Synthetic
Biologics, Inc. (NYSE American: SYN), a diversified
clinical-stage company leveraging the microbiome to develop
therapeutics designed to prevent and treat gastrointestinal (GI)
diseases in areas of high unmet need, today announced it has
engaged A.G.P./Alliance Global Partners to assist the Company in
exploring and evaluating a range of strategic options. The
engagement, which was approved by the Company's Board of Directors,
is intended to optimize the Company's ability to maximize growth
while increasing value for its shareholders.
"As part of our ongoing evaluation of our portfolio of assets we
have retained A.G.P./Alliance Global Partners to advise us as we
explore a range of potential strategic options intended to support
our growth initiatives and generate value for our shareholders,"
said Steven A. Shallcross, Chief
Executive and Financial Officer. "We look forward to working with
A.G.P./Alliance Global Partners in our efforts to evaluate
strategic options, including potentially in-licensing or acquiring
assets that may complement our team's deep scientific and
operational expertise, our clinical development pipeline, or give
us the ability to expand our interests into related areas of
clinical development."
Synthetic Biologics is currently developing SYN-004
(ribaxamase), an oral enzyme designed to prevent dysbiosis of the
gut microbiome, to prevent acute-graft-versus-host disease (aGVHD)
in allogeneic hematopoietic cell transplant (HCT) recipients. A
Phase 1b/2a clinical program of
SYN-004 (ribaxamase) in adult allogeneic HCT recipients is
expected to begin enrollment during the first quarter of 2021 and
will be conducted by the Washington
University School of Medicine in St. Louis, pandemic conditions permitting. The
Company is also pursuing the development of SYN-020 intestinal
alkaline phosphatase (IAP) to treat a number of clinical
indications stemming from inflammation of the gastrointestinal (GI)
tract.
Synthetic Biologics does not have a defined timeline for the
exploration of strategic alternatives and is not confirming that
the evaluation will result in any strategic alternative being
announced or consummated. Potential strategic alternatives that may
be explored or evaluated by the Company as part of this process
include an acquisition, merger, reverse merger, other business
combination, sale of assets, licensing or other strategic
transactions involving the Company. The Company does not intend to
discuss or disclose further developments during this process unless
and until its Board of Directors has approved a specific action or
otherwise determined that further disclosure is appropriate.
About Synthetic Biologics, Inc.
Synthetic Biologics, Inc. (NYSE American: SYN) is a diversified
clinical-stage company leveraging the microbiome to develop
therapeutics designed to prevent and treat gastrointestinal (GI)
diseases in areas of high unmet need. The Company's lead candidates
are: (1) SYN-004 (ribaxamase) which is designed to degrade certain
commonly used intravenous (IV) beta-lactam antibiotics within the
gastrointestinal (GI) tract to prevent (a) microbiome damage, (b)
Clostridioides difficile infection (CDI), (c)
overgrowth of pathogenic organisms, (d) the emergence of
antimicrobial resistance (AMR) and (e) acute
graft-versus-host-disease (aGVHD) in allogeneic hematopoietic cell
transplant (HCT) recipients, and (2) SYN-020, a recombinant oral
formulation of the enzyme intestinal alkaline phosphatase (IAP)
produced under cGMP conditions and intended to treat both local GI
and systemic diseases. For more information, please visit Synthetic
Biologics' website at www.syntheticbiologics.com.
This 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, and include statements
regarding optimizing the Company's ability
to maximize growth while increasing value for its shareholders by
exploring and evaluating a range of strategic
options and a potential acquisition,
merger, reverse merger, other business combination, sales of
assets, licensing or other strategic transactions involving the
Company . 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 risks and
uncertainties, many of which are difficult to predict that could
cause actual results to differ materially from current expectations
and assumptions from those set forth or implied by any
forward-looking statements. Important factors that could cause
actual results to differ materially from current expectations
include, among others, the ability to
engage in a potential acquisition,
merger, reverse merger, other business combination, sales of
assets, licensing or other strategic transactions involving the
Company, ability to obtain FDA clearance of the IND for the
SYN-020 program, a failure of additional pre-clinical studies of
SYN-020 to achieve similar results to those previously achieved or
to provide support for exercise of the option, the ability to enter
into a license to advance an expanded clinical development program
for SYN-020, a failure to receive the necessary regulatory
approvals for commercialization of Synthetic Biologics'
therapeutics, a failure of Synthetic Biologics' clinical trials,
and those conducted by investigators, for SYN-004 and SYN-010 to be
commenced or completed on time or to achieve desired results and
benefits, especially in light of COVID-19, a failure of Synthetic
Biologics' clinical trials to continue enrollment as expected or
receive anticipated funding, a failure of Synthetic Biologics to
successfully develop, market or sell its products, Synthetic
Biologics' inability to maintain its material licensing agreements,
or a failure by Synthetic Biologics or its strategic partners to
successfully commercialize products and other factors described in
Synthetic Biologics' Annual Report on Form 10-K for the year ended
December 31, 2019 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.