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Synta Pharmaceuticals Corp. SNTA +0.29% 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.
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.