NEW YORK, May 9, 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 first quarter ended March 31, 2013. Synergy is developing plecanatide for the treatment of chronic idiopathic constipation (CIC) and constipation-predominant irritable bowel syndrome (IBS-C).
- On January 2, 2013, Synergy announced positive results from its large multicenter clinical trial of its lead investigational drug plecanatide in patients with CIC.
- On January 17, 2013, Synergy completed its merger with Callisto Pharmaceuticals, Inc.
- On March 15, 2013, Synergy announced that the full study results from its large multicenter CIC clinical trial would be featured in a late-breaking oral presentation session at Digestive Disease Week 2013 in Orlando, Florida on Tuesday, May 21, 2013.
- On April 16, 2013, Synergy closed a public offering of 16,375,000 shares of its common stock at a price of $5.50 per share, less underwriting discounts and commissions. The net proceeds to Synergy from this sale was approximately $84.4 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by Synergy. (Pro-forma Balance Sheets below)