Synergy Prices Public Offering Of 20.33 Mln Shares At $6.15/Shr

(RTTNews) - Synergy Pharmaceuticals Inc. (SGYP) announced that it has priced its public offering of 20.33 million shares of its common stock at $6.15 per share. The company expects to close the offering on or about February 6, 2017.

Synergy intends to use this offering net proceeds to fund its commercialization activities related to TRULANCE, further clinical development of plecanatide and for working capital and other general corporate purposes.

TRULANCE (plecanatide), which received FDA approval for the treatment of adults with chronic idiopathic constipation, will be available in the U.S. later this quarter. Synergy has also completed two Phase 3 clinical trials for TRULANCE in irritable bowel syndrome with constipation and plans to file a sNDA later this quarter with an expected 10-month review period from submission.

Synergy may also use the proceeds to fund possible acquisitions of other companies, products or technologies, though no such acquisitions are currently contemplated.

SGYP closed Wednesday's regular trading session down 14% at $6.04.