NEW YORK--Synergy Pharmaceuticals, Inc. (OTC BB: SGYP) (the "Company") (formerly Pawfect Foods, Inc.) is pleased to announce that it has changed its name to Synergy Pharmaceuticals, Inc. effective July 29, 2008 with the Florida Secretary of State's office. In addition, effective July 29, 2008, the Company has effected a 75.69060773 for 1 forward stock split of its issued and outstanding common stock. As a result, the Company's issued and outstanding share capital has increased from 866,220 shares of common stock to 65,564,759 shares of common stock. The Company also amended its Articles of Incorporation to increase its authorized shares of capital stock to 170,000,000 of which 150,000,000 shares are shares of common stock and 20,000,000 shares are shares of preferred stock.
The name change and forward stock split became effective with NASDAQ's Over-the-Counter Bulletin Board at the opening for trading on August 11, 2008 under the new stock symbol "SGYP". The Company's new CUSIP number is 871639 100.
About Synergy Pharmaceuticals, Inc.
Synergy is a biopharmaceutical company focused on the development of new drugs to treat gastrointestinal disorders and diseases. Synergy's proprietary drug SP-304 began clinical development in June 2008 for gastro-intestinal disorders. SP-304 is currently in a Phase I clinical trial in volunteers to treat chronic constipation and IBS-C. SP-304 is a synthetic analog of the human gastrointestinal hormone uroguanylin, and acts by activating the guanylate cyclase C (GC-C) receptor on epithelial cells of the colon. More information is available at http://www.synergybio.net.
About SP-304
SP-304 is a synthetic analog of uroguanylin, a natural hormone produced in the gastro-intestinal (GI) tract that is a key regulator of intestinal function. SP-304 works by activating a unique receptor, the GC-C receptor, on intestinal epithelial cells, promoting fluid and ion transport. The drug is administered orally. Nonclinical animal studies have shown SP-304 to be well tolerated, displaying almost no absorption systemically. SP-304 exerts its pharmacologic effect locally on GC-C receptors within the gut.