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Microbiome therapeutics developer announces public offering to fund C. diff, IBS candidates
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Synthetic Biologics Inc., a microbiome therapeutics developer, has announced a public offering of 13.3 million shares of common stock grossed at $40 million, according to a press release.
At a cost per share of $3, the company, which specializes in therapeutics that protect the microbiome and target pathogen-specific diseases, is expected to receive $37 million after underwriters’ discounts and other expenses. The proceeds are expected to fund the company’s phase 2 clinical candidates including SYN-004 for the prevention of Clostridium difficile and SYN-010 for the treatment of irritable bowel syndrome with constipation, as well as other clinical programs, research, business-related investments, partnerships and general corporate uses, the release said.
William Blair & Company, L.L.C. and RBC Capital Markets, L.L.C. are acting as joint book running managers for the offering and BTIG, LLC as co-manager. A prospectus supplement and other related acquisition statements are available through the book running managers as well as the U.S. Securities and Exchange Commission’s website.
The transaction is slated to close on or before July 21. The underwriters will have 30 days to buy an additional 2 million shares.