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Synergy Pharmaceuticals Announces Closing Of Public Offering Of 1,875,000 Units

Synergy Pharmaceuticals, Inc. (NASDAQ: SGYPD, SGYPU), a developer of new drugs to treat gastrointestinal disorders and diseases, announced the closing of its underwritten public offering of 1,875,000 units at an offering price of $8.00 per unit, with each unit consisting of two shares of common stock and one warrant to purchase one share of common stock. The common stock and warrants will not be separately transferable until the earlier of (i) the exercise in full of the underwriters' overallotment option or (ii) January 15, 2012. Each warrant will have an exercise price of $5.50 per share, will be exercisable upon separation of the units and will expire five years from the date of issuance. When separately transferable, the warrants will trade on The NASDAQ Capital Market under the symbol “SGYPW”. Synergy received net proceeds, after deducting the underwriting discount and estimated offering expenses, of approximately $13.97 million. Synergy has also granted the underwriters a 45-day option to purchase up to an additional 281,250 units to cover over-allotments, if any. On December 28, 2011, the common stock will trade on The NASDAQ Capital Market under the symbol “SGYP.”

Synergy intends to use the net proceeds from this offering to fund its research and development activities, including its ongoing Phase II/III clinical trial of plecanatide and its Phase I clinical trial of SP-333, and for working capital and other general corporate purposes.

Aegis Capital Corp. acted as the sole book-running manager and EarlyBirdCapital, Inc. acted as co-manager for the offering. A shelf registration statement and accompanying base prospectus on Form S-3 relating to the securities was filed with the Securities and Exchange Commission and is effective. A preliminary prospectus supplement relating to the offering has been filed with the SEC and is available on the SEC’s web site at Copies of the final prospectus supplement relating to the offering may be obtained from the offices of Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 11th Floor, New York, NY, 10019, telephone: 212-813-1010 or email:, or from the above-mentioned SEC website.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.

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