Synergy Pharmaceuticals Inc. ( SGYP ) reported a loss
of 24 cents per share in the first quarter of 2013, wider than the
year-ago loss of 13 cents and the Zacks Consensus Estimate of a
loss of 17 cents per share. The wider loss during the quarter was
primarily due to higher expenses.
Synergy Pharma did not generate any revenues during the reported
quarter nor in the year-ago quarter.
Synergy Pharma's research and development (R&D) expenses
increased 168.7% to $14.3 million in the first quarter of 2013. The
company's general and administrative expenses increased 89.3% to
In Jan 2013, Synergy Pharma reported positive data from a phase
IIb/III study on its chronic idiopathic constipation (CIC)
candidate, plecanatide. The study met its primary objective along
with other key objectives.
Synergy Pharma also has SP-333 in its pipeline. The company has
completed a phase I study on the candidate, which is a guanylate
cyclase C (GC-C) agonist being developed for the treatment of
ulcerative colitis (UC) and other gastrointestinal (GI) diseases.
SP-333 is also being developed for the treatment of inflammatory
bowel disease (IBD) including ulcerative colitis (UC).
The company also successfully completed its acquisition of
Callisto Pharmaceuticals Inc. earlier this year.
Moreover, in Apr 2013, Synergy Pharma raised around $84.5
million (net) through a public offering. The company offered 16.4
million shares of its common stock at $5.50 per share. Synergy
Pharma is expected to utilize the net proceeds to further its
research and development activities.
Synergy Pharma currently carries a Zacks Rank #4 (Sell).
However, other biopharmaceutical stocks such as Jazz
Pharmaceuticals ( JAZZ ),
Santarus Inc. ( SNTS ) and
Cubist Pharmaceuticals Inc. ( CBST ) currently look
more attractive. While, Jazz Pharma and Santarus carry a Zacks Rank
#1 (Strong Buy), Cubist Pharma carries a Zacks Rank #2 (Buy).CUBIST PHARM (CBST): Free Stock Analysis ReportJAZZ PHARMACEUT (JAZZ): Free Stock Analysis
ReportSYNERGY PHARMAC (SGYP): Free Stock Analysis
ReportSANTARUS INC (SNTS): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment