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Synergy meets cash balance metric to access additional funds under loan deal; shares ahead 10% premarket

Published 02/01/2018, 08:40 AM
© Reuters.  Synergy meets cash balance metric to access additional funds under loan deal; shares ahead 10% premarket
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  • Synergy Pharmaceuticals (NASDAQ:SGYP) is up 10% premarket on the heels of its announcement that it has met the cash balance requirement under it term loan agreement with CRG Servicing LLC enabling it to access additional capital.
  • CFO Gary Gemignani says, “Synergy’s cash balance at the end of January was in excess of $128 million, which means we met the financial requirement to access additional capital by February 28. With the achievement of this financial condition, we have demonstrated our ability to effectively manage costs while simultaneously investing in strategic initiatives that deliver growth to the company’s top-line. We look forward to providing a full update on our 2017 financial and business performance and go-forward priorities during our March 1st call.”
  • Now read: Your Daily Pharma Scoop: Synergy's New CEO, AbbVie Data, TiGenix Changes


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