LEXINGTON, Mass.--(BUSINESS WIRE)--Mar. 31, 2015--
Synta Pharmaceuticals Corp. (NASDAQ: SNTA) announced today that it has
priced an underwritten public offering of 22,000,000 shares of its
common stock at a price to the public of $1.75 per share. Gross proceeds
to Synta are expected to be approximately $38.5 million, before
deducting the underwriting discounts and commissions and estimated
offering expenses payable by Synta. The offering is expected to close on
or about April 6, 2015, subject to satisfaction of customary closing
conditions. Synta has granted the underwriters a thirty (30) day option
to purchase up to 3,300,000 additional shares.
Jefferies LLC and Cowen and Company, LLC are acting as joint
book-running managers for the offering, and JMP Securities LLC and Roth
Capital Partners, LLC are acting as co-managers for the offering.
The securities described above are being offered by Synta pursuant to a
shelf registration statement that was previously filed with and declared
effective by the Securities and Exchange Commission (SEC). This press
release does not constitute an offer to sell or a solicitation of an
offer to buy the securities in this offering, 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. A preliminary prospectus supplement related
to the offering was filed with the SEC and is available on the SEC's
website located at www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus relating to this offering may be obtained, when available,
from Jefferies LLC, Attention: Equity Syndicate Prospectus Department,
Jefferies LLC, 520 Madison Avenue, 12th Floor, New York, NY, 10022, by
telephone at 877-547-6340, or by email at Prospectus_Department@Jefferies.com
or Cowen and Company, LLC, c/o Broadridge Financial Services, Attention:
Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717,
Telephone: 631-274-2806, Fax: 631-254-7140.
About Synta Pharmaceuticals
Synta Pharmaceuticals Corp. is an innovative, agile biopharmaceutical
company focused on research, development and commercialization of novel
oncology medicines that have the potential to change the lives of cancer
patients. Synta’s lead oncology drug candidate, ganetespib, a novel heat
shock protein 90 (Hsp90) inhibitor, is currently being evaluated in
several clinical trials including the pivotal GALAXY-2 Phase 3 trial in
non-small cell lung cancer. Building on its extensive expertise in the
science of Hsp90, Synta also has a novel proprietary Hsp90 inhibitor
Drug Conjugate (HDC) small molecule drug development program. IND
enabling studies have commenced for the first clinical candidate from
the HDC program, STA-12-8666, and preclinical evaluation of additional
HDC candidates is ongoing.
Source: Synta Pharmaceuticals Corp.
Synta Pharmaceuticals Corp.
Andrea Rabney, 212-600-1494
Eliza Schleifstein, 917-763-8106