Synergy Pharmaceuticals hits cash target to obtain additional debt financing.
Management didn't clearly outline the path to achieving the target.
The company now has financing to reduce the investment risk and allow for negotiating an ex-US sales deal.
Synergy Pharmaceuticals (SGYP) got the financing news long awaited and the stock is still trading at the lows. My theory is that the lack of transparency with hitting the cash target to obtain additional financing is holding back the stock and might finally provide an opportunity to own the biotech now trading slightly above $2.