Synthetic Biologics Inc. (SYN) shares surged 1.66% in after-hours on Tuesday, December 14, 2021, and moved at at $0.31. However, in the regular trading session, SYN’s stock lost 3.34% to close Tuesday’s session at $0.30. Its shares have fallen 14.56% over the last 12 months, and they have moved down 8.78% in the past week. Over the past three months, the stock has lost 37.54%, while over the past six months, it has declined 52.69%.
Let’s briefly discuss its recent news.
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SYN acquiring VCN Biosciences
On December 14, 2021, Synthetic Biologics, Inc. (SYN), signed a definitive agreement to acquire VCN Biosciences, S.L. (VCN), which is developing a new oncolytic adenovirus (OV) platform designed for intravenous (IV) delivery to trigger tumor cell death and promote immune cell infiltration into tumors.
Synthetic Biologics will pay 4.7 million in cash plus the assumption of $2.4 million of VCN liabilities. VCN will receive shares of Synthetic Biologics’ common stock representing 19.99% of the total shares outstanding of the Company’s common stock. The Company has also agreed to an additional $70.3 million of payments contingent upon the achievement of future milestones.
SYN latest financial results
On November 3, 2021, Synthetic Biologics, Inc. (SYN), announced financial results for the third quarter ended September 30, 2021.
Q3 2021 financial highlights
- SYN reported no revenue in Q3 2021.
- General and administrative expenses were approximately $1.3 million in Q3 2021 compared to $1.2 million in Q3 2020.
- Research and development expenses were approximately $2.0 million for Q3 2021 compared to approximately $900,000 for Q3 2020.
- It suffered a net loss of $3.3 million in Q3 2021 compared to a net loss of $2.11 million in Q3 2020.
- As of September 30, 2021, the company had cash and cash equivalents of $72.1 million compared to $65.9 million on December 31, 2020.
SYN commenced Phase 1 study of SYN-020
On October 21, 2021, Synthetic Biologics, Inc. (SYN), commenced enrollment in the Company’s Phase 1, placebo-controlled, multiple-ascending dose (MAD) clinical study of SYN-020 intestinal alkaline phosphatase (IAP) and dosed eight study participants.
SYN-020 is a recombinant bovine IAP formulated for oral delivery to the small intestine. The published literature indicates that IAP functions to diminish intestinal inflammation, tighten the gut barrier to diminish “leaky gut,” and promote a healthy microbiome. Synthetic Biologics has overcome on high cost and can produce SYN-020 at a scale and cost viable for clinical and commercial development as an oral product.
The recent news about the acquisition of VCN Biosciences was the reason behind its turnaround in the after-hours on Tuesday and it can further surge in the coming trading sessions.