Synta Announces $25.8 Million Registered Direct Offering of Common Stock

Synta Pharmaceuticals Corp.

today announced that it has entered into common stock subscription agreements with members of its Board of Directors for the sale of 3,976,702 shares of its common stock in a registered direct offering at a price of $6.49 per share, for gross proceeds of approximately $25.8 million. The shares were offered directly to the purchasers without a placement agent, underwriter, broker or dealer. The sale and issuance of the shares is expected to close on or about July 27, 2012. The net proceeds from the offering will be used to fund Synta's operations, including advancement of Synta's lead drug candidate, ganetespib, other research and development, clinical trials, manufacturing, intellectual property protection and enforcement, and working capital, and for other general corporate purposes.