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news.Pawfect Foods has acquired Synergy Pharmaceuticals in exchange for shares of its common stock issued to Callisto Pharmaceuticals. The company has also completed a $3 million private placement.
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The company has cancelled 1.98 million of two million outstanding shares of Pawfect common stock surrendered by a principal stockholder as a condition of the exchange and financing, approved a 75.69 for one forward stock split and changed its corporate name to ‘Synergy Pharmaceuticals’.
The stock split and name change are expected to be effective within 10 days, As a result of the financing, exchange of shares, and the stock split, Synergy became a wholly owned subsidiary of Pawfect.
Gary Jacob, CEO of Callisto, Gabriele Cerrone, chairman of Callisto, John Brancaccio, director at Callisto, Chris McGuigan and Thomas Adams were appointed to constitute the Pawfect board of directors.
Among other officer appointments, Gary Jacob was appointed president and acting CEO of Pawfect, pending Pawfect recruiting an independent CEO. Dr Jacob will continue to serve as CEO of Callisto.
Gary Jacob, CEO of Callisto and acting president and CEO of Synergy, said: “It is our hope that the separation of Synergy’s gastrointestinal drug development from Callisto’s cancer drug development will allow the market to value SP-304 appropriately which the market was not able to do while SP-304 remained completely under Callisto’s capital structure and depressed market price.”