Synlogic Announces Closing of $21.0 Million Underwritten Public Offering

CAMBRIDGE, Mass., Oct. 03, 2023 (GLOBE NEWSWIRE) -- Synlogic, Inc. (Nasdaq: SYBX), a clinical-stage biotechnology company advancing novel, oral, non-systemically absorbed biotherapeutics to transform the care of serious diseases, today announced the closing of its previously announced underwritten public offering.

The offering consisted of 7,394,363 shares of common stock (or pre-funded warrants to purchase common stock in lieu thereof) and accompanying common warrants to purchase up to 7,394,363 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 was $2.84. The accompanying warrants have an exercise price of $3.408 per share, will be exercisable immediately, and will expire five years from the initial exercise date. The aggregate gross proceeds to Synlogic from the public offering were approximately $21.0 million, prior to deducting underwriting discounts, commissions and other estimated offering expenses. Participants in the offering included new and existing investors. Chardan acted as sole book-running manager for the offering. 

Synlogic anticipates existing cash and cash equivalents and the proceeds from this offering will be sufficient to fund planned operations into the first half of 2025.

The Securities and Exchange Commission (“SEC”) declared effective a registration statement on Form S-1 relating to these securities on September 27, 2023. A final prospectus relating to this offering was filed with the SEC. The offering was made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from Chardan Capital Markets, LLC, 17 State Street, Suite 2130, New York, New York 10004, at [phone], or by email at [e-mail]. Investors may also obtain these documents at no cost by visiting the SEC’s website at http://www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 

About Synlogic 

Synlogic is a clinical-stage biotechnology company advancing novel, oral, non-systemically absorbed biotherapeutics to transform the care of serious diseases in need of new treatment options. The Company’s late-stage pipeline is focused on rare metabolic diseases, led by labafenogene marselecobac (SYNB1934), 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. This pipeline is fueled by the Synthetic Biotic platform, which applies precision genetic engineering to well-characterized probiotics. This enables Synlogic 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. Research activities include a partnership with Roche focused on inflammatory bowel disease (IBD), and a collaboration with Ginkgo Bioworks in synthetic biology, which has contributed to two pipeline programs to date. For more information, please visit www.synlogictx.com or follow us on Twitter, LinkedIn, Facebook or Instagram.