Synthetic Biologics, Inc. (NYSE American: SYN) (“Synthetic Biologics” or the “Company”), a late-stage clinical company focused on developing therapeutics designed to preserve the microbiome to protect and restore the health of patients, announced today the pricing of an underwritten public offering with expected total gross proceeds of $18,000,000 before deducting underwriting discounts, commissions and other offering expenses payable by the Company. The Company expects to use the net proceeds from this offering to fund its and its subsidiaries’ preclinical and clinical programs and for working capital and general corporate purposes, including to acquire, license or invest in complementary businesses, technologies, product candidates or other intellectual property.
The securities offered by the Company consist of (i) Class A Units consisting of 2,520,000 shares of Common Stock and Warrants to purchase 2,520,000 shares of Common Stock at a combined price of $1.15, and (ii) Class B Units consisting of 15,102 shares of Series B Convertible Preferred Stock, with a stated value of $1,000 per share, and convertible into an aggregate of 13,132,173 shares of Common Stock, and Warrants to purchase 13,132,173 shares of Common Stock. The Warrants will have an exercise price of $1.38, will be exercisable upon issuance and will expire five years from the date of issuance. The Company has granted the underwriters a 45-day option to purchase additional shares of Common Stock and/or additional Warrants to purchase shares of Common Stock, in amounts up to 15% of the Common Stock, Warrants and/or Common Stock issuable upon conversion of the Series B Convertible Preferred Stock included in the Class B Units sold in the offering. The shares of Common Stock and the accompanying Warrants included in the Class A Units and Class B Units can only be purchased together in this offering but will be issued separately and will be immediately separable upon issuance.
The offering is expected to close on October 15, 2018, subject to customary closing conditions.
A.G.P./Alliance Global Partners is acting as the sole book-running manager for the offering.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission (the “SEC”) and was declared effective on October 10, 2018.
The offering is being made only by means of a prospectus forming part of the effective registration statement. A copy of the prospectus relating to the offering may be obtained, when available, by contacting A.G.P./Alliance Global Partners, 590 Madison Avenue, 36th Floor, New York, NY 10022 or via telephone at 212-624-2006 or email: firstname.lastname@example.org. Investors may also obtain these documents at no cost by visiting the SEC’s website at http://www.sec.gov.