LEXINGTON, Mass.--(BUSINESS WIRE)--Jan. 6, 2012--
Synta Pharmaceuticals Corp. (NASDAQ: SNTA) announced today that it has
priced an underwritten public offering of 7,000,000 shares of its common
stock at a price to the public of $4.40 per share. Net proceeds to Synta
are expected to be approximately $28.6 million, after deducting the
underwriting discounts and commissions and estimated offering expenses
payable by Synta. The offering is expected to close on or about January
11, 2012, subject to satisfaction of customary closing conditions. Synta
has granted the underwriters a thirty (30) day option to purchase up to
1,050,000 additional shares to cover over-allotments, if any.
Jefferies & Company, Inc. is acting as the sole book-running manager for
the offering, and Canaccord Genuity Inc. 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 Equity Syndicate Prospectus Department, Jefferies & Company, Inc.,
520 Madison Avenue, 12th Floor, New York, NY, 10022, by telephone at
877-547-6340, or by email at Prospectus_Department@Jefferies.com.
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 statements relating to the expected net
proceeds and anticipated closing of the offering. Such statements 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, 2010 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.
Rob Kloppenburg, 781-541-7125