This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Synergy Pharmaceuticals Reports 2012 Fourth Quarter And Full-Year Financial Results

Stocks in this article: SGYP

NEW YORK, March 18, 2013 (GLOBE NEWSWIRE) -- Synergy Pharmaceuticals Inc. (Nasdaq:SGYP), a developer of new drugs to treat gastrointestinal disorders and diseases, today reported its financial results and business update for the fourth quarter and year ended December 31, 2012. Synergy is developing plecanatide for the treatment of chronic idiopathic constipation (CIC) and constipation-predominant irritable bowel syndrome (IBS-C).

Recent Developments

  • Plecanatide demonstrated tolerability and met the primary and key secondary endpoints in a large multicenter study of CIC patients. Full study results will be announced in a late-breaking oral presentation at Digestive Disease Week 2013.
  • Commencement of a Phase IIb clinical trial of plecanatide to treat patients with IBS-C.
  • Completion of a Phase I single-ascending-dose clinical trial of SP-333, a second guanylate cyclase C (GC-C) agonist designed to treat inflammatory bowel disease (IBD) including ulcerative colitis (UC).
  • Initiation of a Phase I multiple-ascending-dose clinical trial of SP-333 in healthy volunteers.
  • The company successfully completed its acquisition of Callisto Pharmaceuticals, Inc.

Financial Update

Synergy's cash, cash equivalents and short term available for sale securities balance as of December 31, 2012 was $32.5 million, as compared to $13.2 million on December 31, 2011. During the year ended December 31, 2012 and 2011 net cash provided by financing activities were $52.1 million and $32.6 million, respectively. Net cash used in operating activities during the year ended December 31, 2012 and 2011 was $31.1 million and $21.2 million, respectively. Net loss for the year ended December 31, 2012 was $39.4 million or $0.64 per share, as compared to a net loss of $14.5 million, or $0.30 per share, for the year ended December 31, 2011.

Net loss for the quarter ended December 31, 2012 was $12.0 million, or $0.18 per share, as compared to a net loss of $5.6 million, or $0.12 per share, for the quarter ended December 31, 2011.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs