Here's What's Behind Synergy Pharmaceuticals' 15.6% Drop Today
After pricing an equity offering that will dilute current investors but help shore up its balance sheet, shares in Synergy Pharmaceuticals (NASDAQ: SGYP) are tumbling 15.6% as of 1:45 p.m. EST.
Synergy Pharmaceuticals wasn't able to strike a deal with a big biopharma willing to market its first commercial-stage drug, Trulance, so it's been financing the launch on its own. Unfortunately, that's been an expensive undertaking.
In the third quarter, the company spent more than $50 million on operating costs, including $44 million that was spent on sales, general, and administrative expenses.
Source: Fool.com
