Syndax Announces Closing of Public Offering and Exercise in Full of the Underwriters' Option to Purchase Additional Shares

Rhea-AI Summary

Syndax Pharmaceuticals announced the closing of a public offering of 3,802,144 shares of common stock, including 645,000 shares from underwriters' options, and pre-funded warrants for 1,142,856 shares. The offering price was $17.50 per share, generating gross proceeds of approximately $86.5 million before expenses. The shares were offered under an effective SEC registration statement, with Goldman Sachs and Cowen serving as joint book-running managers. This capital raise is aimed at advancing Syndax's pipeline of cancer therapies, including SNDX-5613 and axatilimab.

Positive

• Raised approximately $86.5 million in gross proceeds.
• Strengthens capital position for advancing cancer therapy pipeline.

Negative

• Potential shareholder dilution due to the issuance of new shares.

WALTHAM, Mass., Dec. 20, 2021 /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 the closing of its previously announced underwritten public offering of 3,802,144 shares of its common stock, which includes the exercise in full of the underwriters' option to purchase 645,000 additional shares, and to certain investors, pre-funded warrants to purchase 1,142,856 shares of its common stock at an exercise price of $0.0001. The public offering price of each share of common stock was $17.50 and the public offering price of each pre-funded warrant was $17.4999 per underlying share, which represents the per share public offering price for the common stock less the $0.0001 per share exercise price for each such pre-funded warrant. The gross proceeds to Syndax from this offering, before deducting underwriting discounts and commissions and estimated offering expenses, were approximately $86.5 million.

Goldman Sachs & Co. LLC and Cowen acted as joint book-running managers for the offering. BTIG acted as lead manager for the offering. B. Riley Securities acted as co-manager for the offering.

The shares were offered pursuant to a "shelf" registration statement previously filed and declared effective by the Securities and Exchange Commission (SEC). A final prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and is available on the website of the SEC at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from: Goldman Sachs and Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: 866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com; or Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at PostSaleManualRequests@broadridge.com, or by phone at (833) 297-2926.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer, if at all, will be made only by means of a prospectus supplement and accompanying prospectus, which are a part of the effective registration statement.

About Syndax Pharmaceuticals, Inc.

Syndax Pharmaceuticals is a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies. The Company's pipeline includes SNDX-5613, a highly selective inhibitor of the Menin–MLL binding interaction, axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1 (CSF-1) receptor, and entinostat, a class I HDAC inhibitor.

Syndax Contacts

Investor Contact
Melissa Forst
Argot Partners
melissa@argotpartners.com
Tel 212.600.1902

Media Contact
Benjamin Kolinski
benjamin.kolinski@gcihealth.com
Tel 862.368.4464

SNDX-G

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SOURCE Syndax Pharmaceuticals, Inc.

FAQ

What was the total amount raised by Syndax Pharmaceuticals in the recent public offering?

Syndax Pharmaceuticals raised approximately $86.5 million in gross proceeds from the public offering.

How many shares were included in Syndax's public offering?

The public offering included 3,802,144 shares of common stock, along with pre-funded warrants for 1,142,856 shares.

What was the public offering price per share for Syndax's common stock?

The public offering price for each share of Syndax's common stock was $17.50.

Who managed the public offering for Syndax Pharmaceuticals?

Goldman Sachs and Cowen acted as joint book-running managers for the offering.

What is the purpose of the funds raised in Syndax's public offering?

The funds are intended to support the advancement of Syndax's innovative pipeline of cancer therapies.