Stockholders' Deficit

3 Months Ended

Mar. 31, 2015

Stockholders' Deficit

Stockholders' Deficit

8. Stockholders’ Deficit

On March 5, 2014, Synergy entered into Amendment No. 1 (the “Amendment”) to its Controlled Equity Offering Sales Agreement, dated June 21, 2012 (as amended, the “Agreement”), with Cantor Fitzgerald & Co., as sales agent (“Cantor”), pursuant to which the Company may offer and sell, from time to time, through Cantor shares of the Company’s common stock, par value $0.0001 per share (the “Shares”), up to an additional aggregate offering price of $50.0 million.  The Company will pay Cantor a selling agent fee of up to 3.0% of the gross sales price per share sold and has agreed to provide Cantor with customary indemnification and contribution rights.

From January 1, 2015 through March 31, 2015, Synergy sold 1,342,298 shares of common stock, pursuant to the Agreement with Cantor, yielding gross proceeds of $5.6 million, at an average selling price of $4.14 per share. Selling agent fees related to above financings from January 1, 2015 through March 31, 2015 were $0.15 million. (See subsequent event for additional sales under this agreement.)