LEXINGTON, Mass.--(BUSINESS WIRE)--Apr. 14, 2014--
Synta Pharmaceuticals Corp. (NASDAQ: SNTA) today announced the entry
into a Subscription Agreement with an entity affiliated with Bruce
Kovner, one of Synta’s directors and its largest stockholder, to sell
1,250,000 shares of its common stock at a price of $4.01 per share. The
proceeds to Synta are expected to be approximately $5.0 million after
deducting estimated offering expenses payable by Synta. The shares were
offered directly without a placement agent, underwriter, broker or
dealer.
The net proceeds from the sale will be used to fund Synta’s operations,
including, 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 its compound
library and discovery capabilities. For more information, please visit www.syntapharma.com.
Safe Harbor Statement
This media release may contain forward-looking statements about Synta
Pharmaceuticals Corp. Such forward-looking statements can be identified
by the use of forward-looking terminology such as "will", "would",
"should", "expects", "anticipates", "intends", "plans", "believes",
"may", "estimates", "predicts", "projects", or similar expressions
intended to identify forward-looking statements. Such statements reflect
Synta’s 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, 2013 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.
Steven Bernitz, 781-541-7250
Senior
Vice President, Corporate Development
[email protected]
or
Argot
Partners
Andrea Rabney, 212-600-1494
[email protected]
or
Argot
Partners
Eliza Schleifstein, 917-763-8106
[email protected]