Synthetic Biologics Prices 11.5M Share Offering at $1.00/Share
Synthetic Biologics (NYSE: SYN) announced today the pricing of an underwritten public offering of 11,500,000 shares of common stock at a public offering price of $1.00 per share. The Company expects to receive $11,500,000 in gross proceeds, before deducting underwriting discounts and commissions and offering expenses payable by the Company. The Company has granted the underwriters a 45-day option to purchase up to 1,725,000 additional shares of common stock. The Company intends to use the net proceeds from this offering for, among other things, increasing working capital, funding research and development, and capital expenditures. In addition, the Company may use a portion of the net proceeds for licensing or acquiring intellectual property to incorporate into its products and product candidates or our research and development programs. The Company may also use a portion of the net proceeds to in-license, acquire or invest in complementary businesses or products; however, it has no current commitments or obligations to do so.