Synergy Pharmaceuticals Added to NASDAQ Biotechnology Index
NEW YORK, May 14, 2013 (GLOBE NEWSWIRE) -- Synergy Pharmaceuticals Inc.
(Nasdaq:SGYP), a developer of new drugs to treat gastrointestinal disorders
and diseases, today announced that it has been selected for addition to the
NASDAQ Biotechnology Index ® (Nasdaq:^NBI), effective prior to the market open
on Monday, May 20.
The NASDAQ Biotechnology Index is designed to track the performance of a set
of NASDAQ-listed securities classified according to the Industry
Classification Benchmark (ICB) as either Biotechnology or
Pharmaceuticals.These companies must meet eligibility criteria that include a
minimum market capitalization of $200 million and minimum average daily
trading volume of 100,000 shares, amongst other requirements. The Index
Securities are evaluated semi-annually in May and November and serve as the
basis for the iShares NASDAQ Biotechnology Index Fund (AMEX:IBB). For more
information about the NASDAQ Biotechnology Index, including eligibility
criteria, visit www.nasdaq.com.
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 positive Phase I study of plecanatide in healthy volunteers, and
positive Phase IIa and Phase IIb/III clinical trials in patients with chronic
idiopathic constipation (CIC). Detailed positive findings from the recently
completed 951 patient Phase IIb/III CIC clinical trial will be presented at a
major scientific meeting this year. Synergy is also developing plecanatide for
the treatment of irritable bowel syndrome with constipation (IBS-C), having
initiated a Phase IIb trial in IBS-C patients in late 2012. Synergy's second
GC-C agonist, SP-333, is in clinical development to treat inflammatory bowel
diseases, and is currently in a Phase Ib trial in healthy volunteers having
recently completed a Phase Ia trial.
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
"plan," "expect," "anticipate," "believe," "forecast," "estimated" and
"intend," among others. These forward-looking statements are based on
Synergy's current expectations and actual results could differ materially.
These statements include, but are not limited to, statements regarding our
expectations regarding clinical trials, the timing of clinical results,
development timelines and regulatory filings and submissions for our product
candidates, our current Phase 2b 90-day clinical trial of plecanatide in IBS-C
patients, our current Phase 1b clinical trial of SP-333, our intention to
initiate a Phase 1 clinical trial of SP-333 for the treatment of ulcerative
colitis during the second half of 2012, our liquidity and our expectations
regarding our needs for and ability to raise additional capital and the
amount, and our expected uses, of the net proceeds of this offering. Synergy
does not undertake an obligation to update or revise any forward-looking
statement. These forward-looking statements are based on our current
expectations and projections about future events and they are subject to risks
and uncertainties known and unknown to us that could cause actual results and
developments to differ materially from those expressed or implied in such
statements, including the risks described under "Risk Factors" in our Annual
Report on Form 10-K for the year ended December 31, 2012 and other periodic
reports filed with the Securities and Exchange Commission.
CONTACT: Investor Contact:
The Trout Group
Mobile : 215-429-2917
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