ROCKVILLE, Md., Nov. 18, 2016 /PRNewswire/ -- Synthetic Biologics, Inc. (NYSE MKT: SYN), a late-stage clinical company developing therapeutics focused on the gut microbiome, today announced the closing of its previously announced underwritten public offering of 25,000,000 shares of its common stock and accompanying warrants to purchase 50,000,000 shares of its common stock at a price to the public of $1.00 per share and accompanying warrants. The total gross proceeds of the offering were $25.0 million. Net proceeds to Synthetic Biologics, excluding the proceeds, if any from the exercise of the warrants, after deducting the underwriter's discount and other estimated expenses, are expected to be approximately $23.3 million. If exercised in full, the warrants could result in additional net financing proceeds to the Company of $78.8 million. The underwriter has a 30-day option from the day of pricing to purchase up to 3,750,000 additional shares of common stock and warrants to purchase up to 7,500,000 additional shares of common stock.
Cantor Fitzgerald & Co. acted as the sole book-running manager for the offering. A prospectus supplement and accompanying prospectus relating to these securities have been filed with the SEC and are available at the SEC's website at www.sec.gov. Before investing, you should read the prospectus supplement and accompanying prospectus for information about Synthetic Biologics and this offering. Copies of the prospectus supplement and accompanying prospectus, may be obtained from: Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Ave., 6th Floor, New York, New York 10022, or by telephone at 212-829-7122, or by e-mail at firstname.lastname@example.org. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in 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.