SYNAPTIC PHARMACEUTICAL FILES FOR INITIAL PUBLIC OFFERING OF COMMON STOCK; NAME CHANGED FROM NEUROGENETIC CORPORATION
SYNAPTIC PHARMACEUTICAL FILES FOR INITIAL PUBLIC OFFERING
OF COMMON STOCK; NAME CHANGED FROM NEUROGENETIC CORPORATION
PARAMUS, N.J., March 12 /PRNewswire/ -- Synaptic Pharmaceutical Corporation (formerly Neurogenetic Corporation) announced the filing of a registration statement yesterday with the Securities and Exchange Commission relating to the proposed initial public offering of 2.5 million shares of common stock. It is anticipated that the initial public offering price will be between $10 and $12 per share.
Oppenheimer & Co., Inc. and Prudential Securities Incorporated will manage the offering.
The company plans to use the proceeds from the offering for research and product development activities, including pre-clinical testing, clinical trials, leasehold improvements and general corporate purposes.
The company's new name reflects its distinct focus on developing drugs that act at the synapse, the key site of signal transmission within the nervous system.
Synaptic Pharmaceutical Corporation, founded in 1987, has developed and is using a proprietary enabling technology to develop drugs that modulate the functioning of the nervous system. The company believes that this technology will enable it to develop drugs that will be more effective and have fewer side effects than existing drugs. The company, independently or in collaboration with others, is designing drugs for the treatment of psychiatric and physiological disorders that have historically been difficult to manage, such as depression, anxiety, migraine headache and urinary symptoms of benign prostatic hyperplasia (enlarged prostate), and intends to develop new types of anesthetics, analgesics and sedatives.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
/CONTACT: Thomas A. Pearson of Pearson Communications, 215-648-3975, for Synaptic Pharmaceutical/ CO: Synaptic Pharmaceutical Corporation; Neurogenetic Corp. ST: New Jersey IN: MTC SU: OFR PS -- NY082 -- 7594 03/12/92 17:50 EST