Synergy Pharmaceuticals Inc fka SGYPQ

[Snackman]

Financial Results

TRULANCE net sales were $12.3 million in the second quarter of 2018, increasing 43% over the first quarter of 2018, and resulting in $20.8 million in total net sales for the six months ended June 30, 2018. TRULANCE was first approved by the FDA for chronic idiopathic constipation (CIC) in January 2017 and Synergy initiated U.S. sales and marketing efforts on March 20, 2017. TRULANCE was approved by the FDA for a second indication in irritable bowel syndrome with constipation (IBS-C) in January 2018.

Total operating expenses were $37.5 million in the second quarter of 2018 compared to $74.3 million in total operating expenses in the second quarter of 2017.

Total adjusted operating expenses (non-GAAP) were $34.0 million in the second quarter of 2018, a 44% decrease compared to $61.0 million in total adjusted operating expenses (non-GAAP) in the second quarter of 2017.

Synergy reported a net loss of $29.7 million, or $0.12 per share, for the second quarter of 2018 compared to a net loss of $73.9 million, or $0.33 per share in the second quarter of 2017.

Cash and cash equivalents were approximately $61.2 million at the end of the second quarter. Synergy has the ability to access up to an additional $100 million in 2018 under its Term Loan Agreement with CRG LP, subject to the satisfaction of certain borrowing conditions.