Business
Syndax Announces $35.0 Million Offering of Common Stock and Enters Term Sheet for Loan with Hercules Capital for up to $30 Million
- Offering led by premier life sciences investors including BVF, Boxer Capital and AI Life Sciences - - Shares offered at $8, a 20% premium to the January 30,
About this update from Syndax Pharmaceuticals, Inc.
[{"type":"text","content":"- Offering led by premier life sciences investors including BVF, Boxer Capital and AI Life Sciences -\n - Shares offered at $8, a 20% premium to the January 30, 2020 market close -\n - Agreement with Hercules would provide Company with additional, non-dilutive capital to advance its innovative pipeline of cancer therapies -\n\n\nWALTHAM, Mass., Jan. 31, 2020 /PRNewswire/ -- Syndax Pharmaceuticals, Inc. (\"Syndax,\" the \"Company\" or \"we\") (Nasdaq:SNDX), a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies, today announced that it has entered into an agreement with five leading life sciences investors, including Biotechnology Value Fund, L.P., Boxer Capital and AI Life Sciences Investments LLC, an affiliate of Access Industries Inc., for the purchase of common stock at $8.00 per share, representing a premium of 20% to the share price as of market close on Thursday, January 30, 2020. Syndax anticipates aggregate gross proceeds from the offering will be approximately $35.0 million. Closing of the transaction is expected to occur on or about February 4, 2020.\nIn addition, Syndax Pharmaceuticals announced that it has entered into a term sheet with Hercules Capital, Inc. (NYSE: HTGC) for a term loan of up to $30.0 million, consisting of an initial tranche of $20.0 million to be funded at the closing with the potential for a second tranche of $10.0 million subject to satisfaction of certain terms and conditions. The debt facility is expected to be used to support the Company's pipeline programs. The term loan is subject to negotiation and execution of definitive agreements. \nThe securities described above are being offered by Syndax pursuant to a shelf registration statement previously filed with the Securities and Exchange Commission (the \"SEC\"), which the SEC declared effective on September 10, 2019. A final prospectus supplement related to the offering will be filed with the SEC, and will be available on the SEC's website located at http://www.sec.gov. Additional information about the debt facility with Hercules will be contained in a future Current Report on Form 8-K to be filed by the company with the U.S. Securities and Exchange Commission.\nThis press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale o...