WALTHAM, 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.
In 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.
The 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.
This 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 of the securities in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state. Any offering
of the securities under the resale registration statement will only
be by means of a prospectus.
About Syndax Pharmaceuticals, Inc.
Syndax Pharmaceuticals is a clinical-stage biopharmaceutical
company developing an innovative pipeline of cancer therapies. The
Company's lead product candidate, entinostat, a once-weekly, oral,
small molecule, class I HDAC inhibitor, is being evaluated in a
Phase 3 combination trial with exemestane for the treatment of
advanced HR+, HER2- breast cancer, and has been evaluated in
combination with several approved PD-1/PD-(L)1 antagonists. The
Company's pipeline also includes SNDX-6352, a monoclonal antibody
that blocks the colony stimulating factor 1 (CSF-1) receptor, which
is currently being evaluated in chronic graft versus host disease
(cGVHD) and solid tumors, and SNDX-5613, a potent, selective, small
molecule inhibitor of the Menin-MLL binding interaction that is
being developed for the treatment of MLL-rearranged (MLL-r) acute
leukemias, including acute lymphoblastic leukemia (ALL) and acute
myeloid leukemia (AML). For more information, please visit
www.syndax.com or follow the Company on Twitter and
LinkedIn.
Syndax's Cautionary Note on Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Words such as "may," "will," "expect," "plan," "anticipate,"
"estimate," "intend," "believe" and similar expressions (as well as
other words or expressions referencing future events, conditions or
circumstances) are intended to identify forward-looking statements.
These forward-looking statements are based on Syndax's expectations
and assumptions as of the date of this press release. Each of these
forward-looking statements involves risks and uncertainties. Actual
results may differ materially from these forward-looking
statements. Forward-looking statements contained in this press
release include, but are not limited to, statements about the
anticipated gross proceeds and closing of the registered direct
offering and the amount, use and ability to negotiate and enter
into a term loan with Hercules Capital. Many factors may cause
differences between current expectations and actual results,
including a failure to satisfy closing conditions and a failure to
negotiate and execute the term loan. Other factors that may cause
Syndax's actual results to differ from those expressed or implied
in the forward-looking statements in this press release are
discussed in Syndax's filings with the U.S. Securities and Exchange
Commission, including the "Risk Factors" sections contained
therein. Except as required by law, Syndax assumes no obligation to
update any forward-looking statements contained herein to reflect
any change in expectations, even as new information becomes
available.
Syndax Contacts
Investor Contact
Melissa Forst
Argot Partners
melissa@argotpartners.com
Tel 212.600.1902
Media Contact
Craig Heit
craig.heit@gcihealth.com
Tel 347.451.4733
SNDX-G
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SOURCE Syndax Pharmaceuticals, Inc.