Synlogic Raises $21 Million to Advance Late-Stage Pipeline Targeting Rare Metabolic Diseases
October 2, 2023
Rare Daily Staff
Synlogic, a clinical-stage company advancing novel, oral, non-systemically absorbed biotherapeutics to transform the care of serious diseases, to raise $21 million in an underwritten public offering.
The company priced 7.4 million shares of common stock and accompanying common warrants to purchase up to an aggregate of 7.4 shares of common stock. The combined effective offering price to the public of each share of common stock (or pre-funded warrant) and accompanying warrant is $2.84. The accompanying warrants will have an exercise price of $3.408 per share, will be exercisable immediately, and will expire five years from the initial exercise date.
Synlogic expects to receive total gross proceeds of approximately $21 million, before deducting underwriting discounts, commissions and offering expenses. The offering is expected to close on or about October 3, 2023, subject to satisfaction of customary closing conditions.
Synlogic’s late-stage pipeline is focused on rare metabolic diseases, led by SYNB1934, an orally administered, non-systemically absorbed drug candidate currently being studied as a potential treatment for phenylketonuria (PKU) in Synpheny-3, a global, pivotal Phase 3 study. Additional product candidates address diseases including homocystinuria (HCU), enteric hyperoxaluria, gout, and cystinuria.
The company’s Synthetic Biotic platform applies precision genetic engineering to well-characterized probiotics to create GI-restricted, oral medicines designed to consume or modify disease-specific metabolites – an approach well suited for PKU and HCU, both inborn errors of metabolism, as well as other disorders in which the disease–specific metabolites transit through the GI tract, providing validated targets for these Synthetic Biotics.
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