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Synergy Pharmaceuticals Announces Full Exercise Of Over-Allotment Option By Aegis Capital Corp.

Synergy Pharmaceuticals, Inc. (Nasdaq: SGYPD, SGYPU), a developer of new drugs to treat gastrointestinal disorders and diseases, announced the full exercise of the over-allotment option granted to the underwriters to purchase 281,250 additional units, at a public offering price of $8.00 per unit, in connection with its previously announced underwritten public offering of 1,875,000 units, bringing total gross proceeds from the offering to $17,250,000.

On December 15, 2011, the holders of Synergy’s units may elect to separately trade the common stock and warrants underlying the units on The NASDAQ Capital Market under the symbols "SGYPD" and "SGYPW", respectively. The warrants will be exercisable at an exercise price of $5.50 per share upon separation of the units and will expire on December 6, 2016. Those units not separated will continue to trade on The NASDAQ Capital Market under the symbol “SGYPU.”

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 shares 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 http://www.sec.gov. 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: prospectus@aegiscap.com., 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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