Synergy Pharmaceuticals Announces Extension for Filing of Third Quarter Form 10-Q Due to Hurricane Sandy

Synergy Pharmaceuticals Announces Extension for Filing of Third Quarter Form
10-Q Due to Hurricane Sandy

NEW YORK, Nov. 9, 2012 (GLOBE NEWSWIRE) -- Synergy Pharmaceuticals Inc.
(Nasdaq:SGYP), a developer of new drugs to treat gastrointestinal disorders
and diseases, announced today that, in accordance with applicable rules issued
by the United States Securities and Exchange Commission, it will delay, for a
short period, the filing of its Quarterly Report on Form 10-Q for the three
and nine months ended September30, 2012. The Company's normal process for
compilation and review of its financial statements was delayed due to the
Company's accounting personnel not being able to travel to the Company's
headquarters and not being able to access the Company's accounting records due
to the effects of Hurricane Sandy.

About Synergy Pharmaceuticals Inc.

Synergy is a biopharmaceutical company focused on the development of new drugs
to treat gastrointestinal disorders and diseases. Synergy's lead proprietary
drug candidate plecanatide is a synthetic analog of the human gastrointestinal
hormone uroguanylin, and functions by activating the guanylate cyclase C
receptor on epithelial cells of the GI tract. Synergy completed a Phase I
study of plecanatide in healthy volunteers and a Phase IIa clinical trial in
CIC patients. In October, 2011, Synergy initiated dosing of patients in a
major 880-patient Phase II/III clinical trial of plecanatide to treat chronic
idiopathic constipation. Plecanatide is also being developed to treat
constipation-predominant irritable bowel syndrome, with the first trial in
IBS-C patients planned for the second half of 2012. Synergy's second GC-C
agonist SP-333 is currently in pre-clinical development to treat inflammatory
bowel diseases. More information is available at http://www.synergypharma.com.

Forward-Looking Statements

Certain statements in this press release are forward-looking within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements may be identified by the use of forward-looking words such as
"anticipate," "planned," "believe," "forecast," "estimated," "expected," and
"intend," among others. These forward-looking statements are based on
Synergy's current expectations and actual results could differ materially.
There are a number of factors that could cause actual events to differ
materially from those indicated by such forward-looking statements. These
factors include, but are not limited to, substantial competition; our ability
to continue as a going concern; our need for additional financing;
uncertainties of patent protection and litigation; uncertainties of government
or third party payer reimbursement; limited sales and marketing efforts and
dependence upon third parties; and risks related to failure to obtain FDA
clearances or approvals and noncompliance with FDA regulations. As with any
pharmaceutical under development, there are significant risks in the
development, regulatory approval and commercialization of new products. There
are no guarantees that future clinical trials discussed in this press release
will be completed or successful or that any product will receive regulatory
approval for any indication or prove to be commercially successful. Synergy
does not undertake any obligation to update or revise any forward-looking
statement. Investors should read the risk factors set forth in Synergy's Form
10-K for the year ended December 31, 2011 and other periodic reports filed
with the Securities and Exchange Commission (the "SEC").

Additional Information and Where to Find It

This communication does not constitute an offer to buy, or solicitation of an
offer to sell, any securities of Synergy Pharmaceuticals Inc. (the "Company"),
and no offer or sale of such securities will be made in any jurisdiction where
it would be unlawful to do so. In connection with the merger with Callisto
Pharmaceuticals, Inc. ("Callisto"), the Company has filed with the SEC a
registration statement on FormS-4 that includes a proxy statement and
prospectus of the Company relating to the merger. INVESTORS AND SECURITY
HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND PROXY
STATEMENT/PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS, WHEN THEY BECOME
AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT SYNERGY,
CALLISTO AND THE MERGER. Investors and security holders will be able to obtain
these materials (when they are available) and other documents filed with the
SEC free of charge at the SEC's website, www.sec.gov. In addition, copies of
the registration statement and proxy statement/prospectus may be obtained free
of charge by accessing the Company's website at www.synergypharma.com or upon
written request to the Company at Synergy Pharmaceuticals Inc., 420 Lexington
Avenue, Suite1609, New York, New York 10170, Attention: Investor Relations.
Stockholders may also read and copy any reports, statements and other
information filed by the Company with the SEC, at the SEC public reference
room at 100 F Street, N.E., Washington D.C. 20549. Please call the SEC at
1-800-SEC-0330 or visit the SEC's website for further information on its
public reference room.

Participants in the Solicitation

The Company and Callisto and their respective directors, executive officers
and employees may be deemed to be participants in the solicitation of proxies
from the stockholders of the Company and Callisto in connection with the
proposed merger transaction. Information regarding the special interests of
these directors and executive officers in the merger transaction have been
included in the proxy statement/prospectus referred to above. Additional
information regarding the directors and executive officers of the Company is
also included in the Company's Annual Report on Form10-K for year ended
December31, 2011. This document is available free of charge at the SEC's web
site (www.sec.gov) and from Investor Relations at the Company at the address
set forth above. Additional information regarding the directors and executive
officers of Callisto is also included in Callisto's Annual Report on
Form10-K, for the year ended December31, 2011. This document is available
free of charge at the SEC's web site (www.sec.gov) and from Investor Relations
at Callisto upon written request at Callisto Pharmaceuticals,Inc., 420
Lexington Avenue, Suite1609, New York, New York 10170, Attention: Investor
Relations.

CONTACT: Investor Contact Information:
        
         Danielle Spangler
         The Trout Group
         synergy@troutgroup.com
         (646) 378-2924