Subsequent Event

3 Months Ended

Mar. 31, 2013

Subsequent Event

Subsequent Event

11. Subsequent Event

On April 16, 2013, Synergy closed a public offering of 16,375,000 shares of its common stock at a price of $5.50 per share, less underwriting discounts and commissions. The net proceeds to the Company from this sale was approximately $84.4 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. The Company has also granted the underwriters a 30-day option to purchase up to an additional 2,456,250 shares of its common stock to cover over-allotments, if any. As of May 8, 2013 this option had not been exercised. The following table sets forth the pro-forma effect on the financial position of the Company had the transaction taken place on March 31, 2013:

($000’s except share amounts)	March 31, 2013 As Reported			Effect of April 16, 2013 Public Offering		March 31, 2013 Pro-forma
Cash, cash equivalents and available for sale securities	$	21,116		$	84,444	$	105,560
Total Assets	22,890			84,444		107,334
Common Stock	8			2		10
Additional paid-in-capital	134,991			84,442		219,433
Deficit accumulated during development stage	(127,750		)	—		(127,750		)
Total stockholder’s equity	7,249			84,444		91,693
Total liabilities and stockholder’s equity	$	22,890		$	84,444	$	107,334
Common Shares Outstanding	73,779,680			16,375,000		90,154,680