LEXINGTON, Mass.--(BUSINESS WIRE)--Jul. 26, 2012--
Synta Pharmaceuticals Corp. (NASDAQ: SNTA) 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.
The shares described above are registered under the Securities Act of
1933, as amended, pursuant to Synta Pharmaceuticals' effective shelf
registration statement.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities of Synta Pharmaceuticals
Corp. nor shall there be any sale of securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.
About Synta Pharmaceuticals
Synta Pharmaceuticals Corp. is a biopharmaceutical company focused on
discovering, developing, and commercializing small molecule drugs to
extend and enhance the lives of patients with severe medical conditions,
including cancer and chronic inflammatory diseases. Synta has a unique
chemical compound library, an integrated discovery engine, and a diverse
pipeline of clinical- and preclinical-stage drug candidates with
distinct mechanisms of action and novel chemical structures. All Synta
drug candidates were invented by Synta scientists using our compound
library and discovery capabilities.
Safe Harbor Statement
This media release contains forward-looking statements about Synta
Pharmaceuticals Corp., including, but not limited to, statements
relating to the anticipated use of proceeds from the sale. Such
statements, reflect our current views with respect to future events and
are based on assumptions and subject to risks and uncertainties that
could cause actual results to differ materially from those expressed or
implied by such forward-looking statements, including those described in
"Risk Factors" of our Form 10-K for the year ended December 31, 2011 as
filed with the Securities and Exchange Commission. Synta undertakes no
obligation to publicly update forward-looking statements, whether
because of new information, future events or otherwise, except as
required by law.
Source: Synta Pharmaceuticals Corp.
Synta Pharmaceuticals Corp.
George Farmer, 781-541-7125
