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Synergy Pharmaceuticals Announces Closing Of Public Offering Of Shares Of Common Stock

NEW YORK, April 16, 2013 (GLOBE NEWSWIRE) -- Synergy Pharmaceuticals Inc.(Nasdaq:SGYP), a developer of new drugs to treat gastrointestinal disorders and diseases, announced the closing of its underwritten public offering of 16,375,000 shares of common stock at an offering price of $5.50 per share. Synergy received net proceeds, after deducting the underwriting discount and estimated offering expenses, of approximately $84.5 million. Synergy has also granted the underwriters a 30-day option to purchase up to an additional 2,456,250 shares of common stock to cover over-allotments, if any.

Synergy intends to use the net proceeds from this offering to fund its research and development activities, including further clinical development of plecanatide and its other pipeline programs, for working capital, other general corporate purposes, and possibly acquisitions of other companies, products or technologies, though no such acquisitions are currently contemplated.

Credit Suisse, Citigroup and Canaccord Genuity are acting as book-running managers in this offering, and Cantor Fitzgerald is acting as a co-manager.

A registration statement relating to the shares described above was previously filed with and has become effective by rule of the Securities and Exchange Commission (SEC). A final prospectus supplement relating to the offering was filed with the SEC and is available on the SEC's website at http://www.sec.gov . Copies of the final prospectus supplement and related prospectus may be obtained from Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, or by telephone at (800) 221-1037, or by e-mail at newyork.prospectus@credit-suisse.com; or Citigroup, c/o Broadbridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone at (800) 831-9146, or by e-mail at batprospectus@citi.com; or Canaccord Genuity Inc., Attention: Syndicate Department, 99 High Street, 12th Floor, Boston, Massachusetts 02110, or by telephone at (617) 371-3900.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the shares in any state or other jurisdiction which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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