Check the appropriate box to designate the rule pursuant to
which this Schedule is filed:
*The remainder of this cover page shall be filled out
for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent
amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall
not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (“Act”)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
CUSIP No: 87164U102
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(1)
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Names of Reporting Persons
Iroquois Capital Management L.L.C.
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(2)
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Check the Appropriate Box if a Member of a Group (See Instructions)
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(a)
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o
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(b)
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o
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(3)
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SEC Use Only
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(4)
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Citizenship or Place of Organization
Delaware
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
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(5)
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Sole Voting Power
0
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(6)
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Shared Voting Power
311,934 shares of Common Stock
818,260 shares of Common Stock issuable upon conversion
of Preferred Stock (See Item 4)*
1,130,195 shares of Common Stock issuable upon exercise
of Warrants (See Item 4)*
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(7)
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Sole Dispositive Power
0
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(8)
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Shared Dispositive Power
311,934 shares of Common Stock
818,260 shares of Common Stock issuable upon conversion
of Preferred Stock (See Item 4)*
1,130,195 shares of Common Stock issuable upon exercise
of Warrants (See Item 4)*
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(9)
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Aggregate Amount Beneficially Owned by Each Reporting
Person
311,934 shares of Common Stock
818,260 shares of Common Stock issuable upon conversion
of Preferred Stock (See Item 4)*
1,130,195 shares of Common Stock issuable upon exercise
of Warrants (See Item 4)*
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(10)
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Check Box if the Aggregate Amount
in Row (9) Excludes Certain Shares (See Instructions)
o
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(11)
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Percent of Class Represented
by Amount in Row (9)
9.99%
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(12)
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Type of Reporting Person (See Instructions)
OO
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* A As more fully described in Item 4, the shares of
Preferred Stock are subject to a 9.99% blocker and the Warrants are subject to a 9.99% blocker, and the percentage set forth in
row (11) gives effect to such blockers. However, as more fully described in Item 4, the securities reported in rows (6), (8) and
(9) show the number of shares of Common Stock that would be issuable upon full conversion and exercise of such reported securities
and do not give effect to such blockers. Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting
Person, after giving effect to such blockers, is less than the number of securities reported in rows (6), (8) and (9).
CUSIP No: 87164U102
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(1)
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Names of Reporting
Persons
Richard Abbe
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(2)
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Check the Appropriate Box if a Member of a
Group (See Instructions)
|
|
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(a)
|
o
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|
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(b)
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o
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(3)
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SEC
Use Only
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(4)
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Citizenship
or Place of Organization
United States of America
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
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(5)
|
Sole Voting Power
408,066 shares of Common Stock
1,070,434 shares of Common Stock issuable upon conversion
of Preferred Stock (See Item 4)*
1,478,501 shares of Common Stock issuable upon exercise
of Warrants (See Item 4)*
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|
(6)
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Shared Voting Power
311,934 shares of Common Stock
818,260 shares of Common Stock issuable upon conversion
of Preferred Stock (See Item 4)*
1,130,195 shares of Common Stock issuable upon exercise
of Warrants (See Item 4)*
|
|
(7)
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Sole Dispositive Power
408,066 shares of Common Stock
1,070,434 shares of Common Stock issuable upon conversion
of Preferred Stock (See Item 4)*
1,478,501 shares of Common Stock issuable upon exercise
of Warrants (See Item 4)*
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|
(8)
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Shared Dispositive Power
311,934 shares of Common Stock
818,260 shares of Common Stock issuable upon conversion
of Preferred Stock (See Item 4)*
1,130,195 shares of Common Stock issuable upon exercise
of Warrants (See Item 4)*
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(9)
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Aggregate Amount Beneficially Owned by Each Reporting
Person
720,000 shares of Common Stock
1,888,694 shares of Common Stock issuable upon conversion
of Preferred Stock (See Item 4)*
2,608,696 shares of Common Stock issuable upon exercise
of Warrants (See Item 4)*
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(10)
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Check
Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
o
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(11)
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Percent
of Class Represented by Amount in Row (9)
9.99%
|
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(12)
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Type
of Reporting Person (See Instructions)
IN; HC
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* A As more fully described in Item 4, the shares of Preferred
Stock are subject to a 9.99% blocker and the Warrants are subject to a 9.99% blocker, and the percentage set forth in row (11)
gives effect to such blockers. However, as more fully described in Item 4, the securities reported in rows (6), (8) and (9) show
the number of shares of Common Stock that would be issuable upon full conversion and exercise of such reported securities and
do not give effect to such blockers. Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting
Person, after giving effect to such blockers, is less than the number of securities reported in rows (6), (8) and (9).
CUSIP
No: 87164U102
|
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(1)
|
Names of Reporting
Persons
Kimberly Page
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(2)
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Check the Appropriate Box if a Member of a
Group (See Instructions)
|
|
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(a)
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o
|
|
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(b)
|
o
|
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(3)
|
SEC
Use Only
|
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(4)
|
Citizenship
or Place of Organization
United States of America
|
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
|
(5)
|
Sole
Voting Power
0
|
|
(6)
|
Shared Voting Power
311,934 shares of Common Stock
818,260 shares of Common Stock issuable upon conversion
of Preferred Stock (See Item 4)*
1,130,195 shares of Common Stock issuable upon exercise
of Warrants (See Item 4)*
|
|
(7)
|
Sole
Dispositive Power
0
|
|
(8)
|
Shared Dispositive Power
311,934 shares of Common Stock
818,260 shares of Common Stock issuable upon conversion
of Preferred Stock (See Item 4)*
1,130,195 shares of Common Stock issuable upon exercise
of Warrants (See Item 4)*
|
|
|
(9)
|
Aggregate Amount Beneficially Owned by Each Reporting
Person
311,934 shares of Common Stock
818,260 shares of Common Stock issuable upon conversion
of Preferred Stock (See Item 4)*
1,130,195 shares of Common Stock issuable upon exercise
of Warrants (See Item 4)*
|
|
(10)
|
Check
Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
o
|
|
(11)
|
Percent
of Class Represented by Amount in Row (9)
9.99%
|
|
(12)
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Type
of Reporting Person (See Instructions)
IN
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* A As more fully described in Item 4, the shares of Preferred
Stock are subject to a 9.99% blocker and the Warrants are subject to a 9.99% blocker, and the percentage set forth in row (11)
gives effect to such blockers. However, as more fully described in Item 4, the securities reported in rows (6), (8) and (9) show
the number of shares of Common Stock that would be issuable upon full conversion and exercise of such reported securities and
do not give effect to such blockers. Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting
Person, after giving effect to such blockers, is less than the number of securities reported in rows (6), (8) and (9).
CUSIP No:
87164U102
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Item 1.
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(a)
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Name of Issuer
Synthetic Biologics, Inc. (the “Company”)
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(b)
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Address of Issuer’s Principal
Executive Offices
9605 Medical Center Drive, Suite 270, Rockville, MD 20850
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Item 2 (a).
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Name of Person Filing
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Item 2 (b).
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Address of Principal Business
Office or, if none, Residence
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Item 2 (c).
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Citizenship
This Schedule 13G is being filed on behalf of (i) Iroquois
Capital Management L.L.C., a Delaware limited liability company (“Iroquois”), (ii) Richard Abbe, an individual
who is a citizen of the United States of America and Kimberly Page, an individual who is a citizen of the United States
of America (“Mr. Abbe” and “Ms. Page,” together with Iroquois, the “Reporting Persons”).
The Reporting Persons have entered into a Joint Filing
Agreement, a copy of which is filed with this Schedule 13G as Exhibit 1, pursuant to which the Reporting Persons have
agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k) of the Securities Exchange
Act of 1934, as amended.
The principal business office of all of the Reporting Persons
is 205 East 42nd Street, 20th Floor, New York, NY 10017.
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Item 2 (d)
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Title of Class of Securities
Common Stock, par value $0.001 per share
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Item 2 (e)
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CUSIP Number
87164U102
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Item 3.
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If this statement is filed pursuant to §§240.13d-1(b)
or 240.13d-2(b) or (c), check whether the person filing is a:
Not applicable.
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|
(a)
|
o
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Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
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(b)
|
o
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Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
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(c)
|
o
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Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
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(d)
|
o
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Investment company registered under section 8 of the
Investment Company Act of 1940 (15 U.S.C. 80a-8).
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(e)
|
o
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An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);
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(f)
|
o
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An employee benefit plan or endowment fund in accordance
with §240.13d-1(b)(1)(ii)(F);
|
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(g)
|
o
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A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);
|
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(h)
|
o
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A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
|
|
(i)
|
o
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A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
|
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(j)
|
o
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A non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J);
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(k)
|
o
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Group, in accordance with Rule 13d-1(b)(1)(ii)(K). If filing as
a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of
institution: _____________________________
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Provide the following information regarding the aggregate number
and percentage of the class of securities of the issuer identified in Item 1.
The information as of the date of the event which requires filing
of this statement required by Items 4(a) – (c) is set forth in Rows 5 – 11 of the cover page for each Reporting Person
hereto and is incorporated herein by reference for each such Reporting Person. The percentage set forth in Row 11 of the cover
page for each Reporting Person is based on 7,208,320 shares of Common Stock outstanding as of October 10, 2018, plus the assumed
issuance of 2,520,000 shares of Common Stock included in the Class A Units to be sold in the public offering as represented in
the Company’s Prospectus filed pursuant to Rule 424(b)(4) filed with the Securities and Exchange Commission on October 12,
2018, and assumes the exercise of the Company’s reported warrants (the “Reported Warrants”) and the conversion
of the Company’s reported preferred stock (the “Reported Preferred Stock”), subject to the Blockers (as defined
below).
Pursuant to the terms of (i) the certificate of designations containing
the terms of the Reported Preferred Stock, the Reporting Persons cannot convert the Reported Preferred Stock to the extent the
Reporting Persons would beneficially own, after any such conversion, more than 9.99% of the outstanding shares of Common Stock
(the “Preferred Stock Blockers”) and (ii) the Reported Warrants, the Reporting Persons cannot exercise the Reported
Warrants to the extent the Reporting Persons would beneficially own, after any such exercise, more than 9.99% of the outstanding
shares of Common Stock (the “Warrant Blockers” and collectively with the Preferred Stock Blockers, the “Blockers”),
and the percentage set forth in Row 11 of the cover page for each Reporting Person gives effect to the Blockers. Consequently,
as of the date of the event which requires the filing of this statement, the Reporting Persons were not able to exercise all of
the Reported Preferred Stock or any of the Reported Warrants due to the Blockers.
As of the date of the event which requires filing of this statement,
Iroquois Master Fund Ltd. (“Iroquois Master Fund”) held 311,934 shares of Common Stock, 941 shares of Reported Preferred
Stock convertible into 818,260 shares of Common Stock and warrants to purchase 1,130,195 shares of Common Stock and Iroquois Capital
Investment Group LLC (“ICIG”) held 408,066 shares of Common Stock, 1,231 shares of Reported Preferred Stock convertible
into 1,070,434 shares of Common Stock and warrants to purchase 1,478,501 shares of Common Stock.
Mr. Abbe shares authority and responsibility for the investments
made on behalf of Iroquois Master Fund with Ms. Kimberly Page, each of whom is a director of the Iroquois Master Fund. As such,
Mr. Abbe and Ms. Page may each be deemed to be the beneficial owner of all shares of Common Stock held by, and underlying the Reported
Preferred Stock and Reported Warrants (each subject to the Blockers) held by, Iroquois Master Fund. Iroquois Capital is the investment
advisor for Iroquois Master Fund and Mr. Abbe is the President of Iroquois Capital. Mr. Abbe has the sole authority and responsibility
for the investments made on behalf of ICIG. As such, Mr. Abbe may be deemed to be the beneficial owner of all shares of Common
Stock held by, and underlying the Reported Preferred Stock and Reported Warrants (each subject to the Blockers) held by, Iroquois
Master Fund and ICIG. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial
ownership of shares of
Common Stock owned by another Reporting Person. Each of the Reporting
Persons hereby disclaims any beneficial ownership of any such shares of Common Stock except to the extent of their pecuniary interest
therein.
Item 5.
|
Ownership of Five Percent or Less of a Class
|
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check
the following:
o
Item 6.
|
Ownership of More than Five Percent on Behalf of Another Person
|
Not applicable.
Item 7.
|
Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding Company or Control Person
|
Not applicable.
Item 8.
|
Identification and Classification of Members of the Group
|
See Exhibit 1.
Item 9.
|
Notice of Dissolution of Group
|
Not applicable.
By signing below each of the undersigned certifies that, to the
best of its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with
the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
SIGNATURES
After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: October 16, 2018
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IROQUOIS CAPITAL MANAGEMENT L.L.C.
|
|
|
|
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By:
|
/s/ Richard Abbe
|
|
|
Richard Abbe, President
|
|
|
|
|
/s/ Richard Abbe
|
|
Richard Abbe
|
|
|
|
|
/s/ Kimberly Page
|
|
Kimberly Page
|
EXHIBIT INDEX
Exhibit 1
|
Joint Filing Agreement as required by Rule 13d-1(k)(1) under the Securities Exchange
Act of 1934, as amended.
|