ROCKVILLE, Md., Nov. 16, 2020 /PRNewswire/ -- Synthetic Biologics, Inc. (NYSE:SYN), a diversified clinical-stage company leveraging the microbiome to develop therapeutics designed to prevent and treat gastrointestinal (GI) diseases in areas of high unmet need, today announced it has engaged A.G.P./Alliance Global Partners to assist the Company in exploring and evaluating a range of strategic options. The engagement, which was approved by the Company's Board of Directors, is intended to optimize the Company's ability to maximize growth while increasing value for its shareholders.
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"As part of our ongoing evaluation of our portfolio of assets we have retained A.G.P./Alliance Global Partners to advise us as we explore a range of potential strategic options intended to support our growth initiatives and generate value for our shareholders," said Steven A. Shallcross, Chief Executive and Financial Officer. "We look forward to working with A.G.P./Alliance Global Partners in our efforts to evaluate strategic options, including potentially in-licensing or acquiring assets that may complement our team's deep scientific and operational expertise, our clinical development pipeline, or give us the ability to expand our interests into related areas of clinical development."
Synthetic Biologics is currently developing SYN-004 (ribaxamase), an oral enzyme designed to prevent dysbiosis of the gut microbiome, to prevent acute-graft-versus-host disease (aGVHD) in allogeneic hematopoietic cell transplant (HCT) recipients. A Phase 1b/2a clinical program of SYN-004 (ribaxamase) in adult allogeneic HCT recipients is expected to begin enrollment during the first quarter of 2021 and will be conducted by the Washington University School of Medicine in St. Louis, pandemic conditions permitting. The Company is also pursuing the development of SYN-020 intestinal alkaline phosphatase (IAP) to treat a number of clinical indications stemming from inflammation of the gastrointestinal (GI) tract.
Synthetic Biologics does not have a defined timeline for the exploration of strategic alternatives and is not confirming that the evaluation will result in any strategic alternative being announced or consummated. Potential strategic alternatives that may be explored or evaluated by the Company as part of this process include an acquisition, merger, reverse merger, other business combination, sale of assets, licensing or other strategic transactions involving the Company. The Company does not intend to discuss or disclose further developments during this process unless and until its Board of Directors has approved a specific action or otherwise determined that further disclosure is appropriate.