Two-stage private financing at Synaptic

Synaptic Pharmaceutical is to raise up to $41 million in a two-stageprivate financing. On completion of both stages, the company says it will have issued an additional 7.6 million common share equivalents at an average price of $5.42 per share.

Chief executive Kathleen Mullinix says that Synaptic now has the capital to accelerate its development programs and unlock the value of its G protein-coupled receptor technology estate. It aims to file at least one US Investigational New Drug application a year, and remains on track to file an IND for its depression program in fourth-quarter 2001, she said.