What’s Going on with Synlogic?
Yesterday, Sept. 22, biopharmaceutical firm Synlogic (SYBX) announced the pricing of its underwritten public offering of the company’s common stock. Synlogic plans to sell 15,000,000 shares of its common stock for $3.00 per share. During extended-hours trading this morning, SYBX stock slipped 9.74% in price, down to $3.15 per share.
What Does This Mean for SYBX?
Synlogic’s pricing for its underwritten public offering of 15,000,000 common shares will be at a price of $3.00 per share, with all of the shares being sold offered solely by Synlogic. The underwriter has been given a “30-day option to purchase up to 2,250,000 additional shares of common stock at the public offering price, less underwriting discounts, and commissions,” according to Synlogic.
Gross proceeds from the offering — before subtracting the underwriting discounts and commissions and offering expenses payable by Synlogic — are expected to provide Synlogic with $45 million. The offering should close around September 27, 2021, subject to customary closing conditions.
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Solid Biosciences Inc is a life science company. It is engaged in manufacturing of specialty and generic drugs. The company is involved in curing Duchenne muscular dystrophy (DMD), a genetic muscle-wasting disease predominantly affecting boys, with symptoms that usually manifest between three and five years of age. Its lead product candidate, the SGT-001, is a gene transfer under development to restore functional dystrophin protein expression in patients' muscles. The company's pipeline products are the SB-001 and solid suit. The company has categorized its programs into corrective therapies, disease-modifying therapies, and assistive devices.
