Synergy Pharmaceuticals amends CRG agreement to extend drawdown date

By Sarah Lizee

Olympia, Wash., June 13 – Synergy Pharmaceuticals Inc. obtained a waiver to extend the drawdown date of the second borrowing under its term loan agreement with CRG LP as administrative agent to Aug. 29 from June 30, according to an 8-K filing with the Securities and Exchange Commission.

Synergy can access up to $100 million in 2018 in three tranches under the amended term loan agreement.

The agreement provides for future potential borrowings of $25 million, $25 million and $50 million on or before Aug. 29, Sept. 30 and Dec. 31, respectively, subject to the satisfaction of some conditions.

Synergy is a New York-based biopharmaceutical company focused on the development and commercialization of novel gastrointestinal therapies.

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