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Synlogic raises $57.5M after full exercise of overallotment option

Synlogic Inc. sold an additional 769,500 common shares at $9.75 apiece for gross proceeds of about $7.5 million as underwriters exercised their option to buy extra shares in the public offering.

Including the additional shares, the Cambridge, Mass.-based biotechnology company has so far sold 5,899,500 common shares for gross proceeds of about $57.5 million.

All the shares sold in the offering were offered by Synlogic.

Synlogic plans to use the net proceeds together with its existing cash and cash equivalents to fund its clinical trials, preclinical development in its immuno-oncology programs, drug discovery activities and for working capital and general corporate purposes.

Leerink Partners and Piper Jaffray & Co. acted as joint book-running managers for the offering. H.C. Wainwright & Co. acted as lead manager for the offering.