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Synthetic Biologics Reports Third Quarter 2012 Financial Results
Date:11/14/2012

ROCKVILLE, Md., Nov. 14, 2012 /PRNewswire/ -- Synthetic Biologics, Inc. (NYSE MKT: SYN), a developer of synthetic biologics and innovative medicines for serious infections and diseases, today reported financial results for the three and nine months ended September 30, 2012 and summarized operational highlights.

Operational HighlightsCompleted Successful Capital Raise

  • Increased cash position with net proceeds of $10.1 million from the sale of approximately 6.8 million shares of common stock to new and existing investors in a private placement financing. Existing investors and an affiliate of R.J. Kirk constituted a majority of the participating investors in this transaction.
  • Ramping Up Infectious Disease Programs

  • Entered into an agreement with Prev AbR LLC to acquire its clinical-stage and related beta-lactamase assets targeted for the prevention of Clostridium difficile (C. diff) infection, the leading cause of hospital acquired infections (HAI), that may occur secondary to treatment with antibiotics. CDI is a widespread and often drug resistant infectious disease, resulting in more than 337,000 hospitalizations, 30,000 deaths[1] and aggregate costs associated with stays in the hospital of $8.2 billion[2] in the U.S. during 2009.
  • Initiated efforts to develop a monoclonal antibody (mAb) therapy for the treatment of Acinetobacter, a multidrug-resistant pathogen that is a leading cause of hospital-acquired infections. Our Intrexon collaboration enables us to have access to a comprehensive suite of proprietary mAb technologies including the mAbLogix™ and LEAP™ platforms, to develop fully human mAbs to neutralize acinetobacter pathogens. In addition to Acinetobacter, we expect to utilize Intrexon's technologies to target two other infectious disease indications.
  • Engaged Lewis (Lew) Barrett, former Assistant Vice President, Established Products at Pfiz
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  • SOURCE Synthetic Biologics, Inc.
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