Synergy Pharmaceuticals Inc.
|Company Name||Synergy Pharmaceuticals Inc.|
On September 5, 2017, Synergy revealed that it had closed on a "non-dilutive" $300 million loan from CRG Partners III L.P., which would be available to the Company "when needed" to fund its operations through 2019. On November 14, 2017, Synergy revealed the loan agreement terms, that was not previously disclosed, prevented the Company from accessing $200 million of the loan without conducting a dilutive secondary offering or offerings of shares to raise cash, and therefore, Synergy was conducting a secondary offering of its shares. Consequently, the loan was not available to Synergy "when needed," and would result in dilution of the outstanding shares, and would not be sufficient to fund operations through 2019, without dilution. On this news, shares of Synergy fell significantly, thereby injuring investors.
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