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Biotech / Medical : Biotechnology Value Fund, L.P. -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (2577)	7/31/2001 11:17:13 AM
From: scaram(o)uche	Read Replies (1) \| Respond to of 4974

a brief mention on CNBC that David Saks is now running a hedge fund. (eom)

To: scaram(o)uche who wrote (2577)	8/5/2001 7:41:48 PM
From: nigel bates	Read Replies (1) \| Respond to of 4974

Who gave Nigel permission to go on vacation??? Now returned, Lufthansa having recovered my lost baggage, but have a gazillion posts to wade through. PARAMUS, N.J., Aug. 3 /PRNewswire/ -- Synaptic Pharmaceutical Corporation (Nasdaq: SNAP - news) today announced that it will raise up to $41.0 million in a two-stage private financing led by Warburg Pincus. In the first stage of the convertible preferred stock offering that is expected to close later today, the Company will receive $9.4 million. In the second stage, which is subject to shareholder approval, the Company expects to raise an additional $31.6 million. Upon completion of both stages, Synaptic will have issued an additional 7.6 million common share equivalents at an average price of $5.42 per share. Kathleen P. Mullinix, Ph.D., chairman, president and chief executive officer, stated, ``Synaptic now has the capital, together with the right business strategy, to accelerate its development programs and unlock the value of its G protein-coupled receptor technology estate. The expertise of Warburg Pincus in guiding biopharmaceutical companies and its financial strength will help Synaptic achieve the stated goal of filing at least one IND per year for the next several years. We remain on track to file an IND for our depression program in the fourth quarter of this year.'' ``As a leading drug discovery company utilizing G protein-coupled receptors as targets for novel therapeutics, Synaptic has a unique platform technology and a valuable intellectual property estate,'' said Jonathan S. Leff, managing director, Warburg Pincus. ``Our substantial equity commitment is designed to accelerate the Company's ongoing transformation into an integrated drug discovery and development organization.'' In conjunction with the financing, Mr. Leff and Stewart J. Hen, vice president, Warburg Pincus, will be elected to Synaptic's Board of Directors. Under the agreement, Warburg Pincus will purchase later today $9.4 million of Series B preferred stock convertible into 2.2 million shares, or approximately 19.9% of the Company's common stock outstanding, at a conversion price of approximately $4.34 per share. Subject to shareholder approval, Warburg Pincus has committed to purchase up to an additional $1.6 million of Series B Preferred Stock and $30.0 million of Series C Preferred Stock at a conversion price of approximately $5.97. Assuming closing of the second tranche, the weighted average price will be $5.42. The Company has agreed to register for resale, under the Securities Act of 1933, as amended, common shares issuable upon conversion of the convertible preferred stock deemed issued in the financing...