SYNERGY PHARMACEUTICALS INC. (NASDAQ:SGYP) Files An 8-K Entry into a Material Definitive Agreement

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SYNERGY PHARMACEUTICALS INC. (NASDAQ:SGYP) Files An 8-K Entry into a Material Definitive Agreement

SYNERGY PHARMACEUTICALS INC. (NASDAQ:SGYP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement

On August28, 2018, Synergy Pharmaceuticals Inc (the “Company”) and its subsidiary, Synergy Advanced Pharmaceuticals,Inc, entered into amendment No.2 (the “Amendment”) to that certain Term Loan Agreement with CRG Servicing LLC, as administrative agent and collateral agent, and the lenders named therein (the “Lenders”), dated as of September1, 2017, as amended by Amendment No.1 to Term Loan Agreement, dated as of February26, 2018 (the “Loan Agreement”). to the terms of the Amendment, (i)the respective dates of the three subtranches that comprise the second tranche borrowing of $100 million were extended such that (y)the first subtranche of $25.0 million may occur after June30, 2018 through and including October31, 2018 provided the Company pays to the Administrative Agent a fee of $2.5 million at the time of borrowing and (z)the second and third subtranches of $25.0 million and $50.0 million, respectively, may be made no later than December31, 2018 and February28, 2019, respectively. In addition, the Administrative Agent and the Lenders have been granted rights to designate a representative (the “Representative”) to attend all meetings of the Company’s board of directors (the “Board”) in a non-voting observer capacity and to receive copies of all materials provided to the Board in connection with such meetings. Notwithstanding the foregoing, the Representative may be excluded from any portion of a Board meeting and shall not be entitled to receive any Board materials (i) to the extent necessary to preserve the attorney-client or work product privilege of the Company or (ii)if such materials or discussion relate to the Company’s relationship with Administrative Agent, any of the Lenders or any action or potential transactions between or involving the Company and Administrative Agent, any of the Lenders or any of their affiliates.

The foregoing description of the Amendment is only a summary of its material terms and does not purport to be complete. A copy of the Amendment is attached as Exhibit10.1 to this Current Report on Form8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits. The following exhibits are filed with this report:


SYNERGY PHARMACEUTICALS, INC. Exhibit
EX-10.1 2 a18-24071_1ex10d1.htm EX-10.1 Exhibit 10.1   Execution Version   AMENDMENT NO. 2   THIS AMENDMENT NO. 2 (this “Agreement”),…
To view the full exhibit click here

About SYNERGY PHARMACEUTICALS INC. (NASDAQ:SGYP)

Synergy Pharmaceuticals Inc. (Synergy) is a biopharmaceutical company focused on the development and commercialization of gastrointestinal (GI) therapies. The Company’s GI platform includes two lead product candidates: plecanatide and dolcanatide. It is engaged in the discovery, research and development involving uroguanylin analogs for the treatment of functional GI disorders and inflammatory bowel disease. Plecanatide is the Company’s uroguanylin analog being evaluated for use as a once-daily tablet for two functional GI disorders, chronic idiopathic constipation (CIC) and irritable bowel syndrome with constipation (IBS-C). Plecanatide is a 16-amino acid peptide that is structurally identical to uroguanylin with the exception of a single amino acid change. Dolcanatide is also its uroguanylin analog being explored for inflammatory bowel disease (IBD). Dolcanatide is designed to be an analog of uroguanylin with resistance to standard digestive breakdown by proteases in the intestine.