Synthetic Biologics, Inc. (SYN) has increased to 5.22% in the aftermarket and stands at $0.4595. However, the last trading session concluded at $0.4367 with a decline of 0.73%.
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Second Adjournment of Annual Meeting of Shareholders
On 7th October 2021, SYN stated that the Company’s rescheduled annual meeting of shareholders was postponed for a second time owing to a lack of quorum. A quorum is defined as a majority of the voting shares. At this meeting, less than a majority of shares eligible to vote were present, either in person or by proxy. At the annual meeting, about 48.6 percent of the Company’s ordinary stock outstanding as of the record date had been duly voted.
During the present adjournment, the Company will continue to collect votes from its shareholders on the proposals included in its proxy statement. According to the proxy statement, the Company has retained D.F. King & Co., Inc. as a proxy solicitor to assist management in collecting sufficient votes to satisfy the requisite quorum of at least a majority of the outstanding shares of ordinary stock.
Second Quarter 2021 Financial & operational Results
SYN reported second-quarter financial results on 5th August 2021. The research and development costs grew by 21% to $1.9 million. During the three months ended June 30, 2021, SYN began dosing patients in Phase 1b/2a clinical trial of SYN-004 and the Phase 1 SAD clinical trial of SYN-020. It was partially offset by lower indirect program costs, such as salary and related expense reductions, a decrease in manufacturing costs for SYN-020, and market research.
Furthermore, because of the worldwide COVID-19 pandemic, the company’s clinical development partner (Washington University) decreased operational capacity in 2020. Moreover, the charge for stock-based payment cost was $19,000, compared to $19,000 for the three months ended June 30, 2020. For the three months ending June 30, 2021, the other income was $2,000, compared to $6,000 for the same period last year. Interest income makes up the majority of other revenue for the three months ending June 30, 2021, and 2020. Lastly, the cash and cash equivalents totaled $74.3 million, up from $68.1 million at the end of December 2020.
SYN Expands Option for an Exclusive License Agreement with Massachusetts General Hospital
On 3rd August 2021, SYN announced a change to the Company’s option for the exclusive license with Massachusetts General Hospital. They are willing to include copyrights and computer-related with the use of SYN-020 intestinal alkaline phosphatase. Also, the Company’s patented technology biologic version of bovine IAP is meant to restrict liver fibrosis in chronic conditions, such as nonalcoholic fatty liver disease.
SYN also reported about an agreement with Massachusetts General Hospital (MGH). The agreement is to negotiate an exclusive license to IP and technology for the use of SYN-020 to prevent and cure metabolic and inflammatory disorders. The licensing agreement, if completed, will add to the SYN-020 portfolio, and support the Company’s goal of developing SYN-020 for the treatment of NAFLD. This will specifically reduce the progression of fibrosis associated with progressing disease.