The prevalence is similar in other developed countries. Up to 26 million Americans suffer from the condition and of these about 5 million have a severe problem. SP–304 has also been found to be effective in reducing inflammation in animal models of ulcerative colitis.Ībout Chronic Constipation and Irritable Bowel SyndromeĬhronic constipation is a very common condition. The compound is virtually unabsorbed systemically and demonstrates a very good safety profile. SP–304, developed by Callisto/Synergy scientists, has been demonstrated to be superior to uroguanylin, in its biological activity, protease stability and pH characteristics. Activation of the receptor leads to the transport of chloride and bicarbonate into the intestine, and water is carried with these ions into the lumen of the intestine, thereby producing a looser stool. Under normal conditions, the receptor is activated by the natural hormones uroguanylin and guanylin. The receptor, called the guanylate cyclase C (GC–C) receptor, promotes fluid and ion transport in the gastro–intestinal (GI) tract. SP–304 works by activating a unique receptor on intestinal cells. SP–304 (previously referred to as Guanilib) is an analog (synthetic molecule) of uroguanylin, a natural gastro–intestinal hormone produced in the gut that is a key regulator of intestinal function. More detailed information concerning the financing and related transactions can be found in Form 8–K reports filed with the Securities and Exchange Commission by Callisto and Pawfect on July 18, 2008. We believe Callisto investors and the investors in the new Synergy Pharmaceuticals are best served through this transaction. It is our hope that the separation of Synergy ´s gastrointestinal drug development from Callisto ´s cancer drug development will allow the market to value SP–304 appropriately which the market was not able to do while SP–304 remained completely under Callisto ´s capital structure and depressed market price. Jacob, Callisto CEO and Synergy President and Acting CEO commented, "Raising critically needed capital to fund the continuing development of SP–304 and retaining a 68% interest in the drug ´s future given current market conditions is very encouraging. Jacob will continue to serve as CEO of Callisto. Jacob was appointed President and Acting CEO of Pawfect pending Pawfect recruiting an independent CEO. were appointed to constitute the Pawfect board of directors and, among other officer appointments, Gary S. Cerrone, Callisto Chairman, John Brancaccio, a Callisto director, Chris McGuigan, Ph.D., and Thomas H. " As a result of the financing, exchange of shares, cancellation of 1,981,503.650 of 2,000,000 outstanding shares of Pawfect common stock held by a principal stockholder and Pawfect effecting a 75.69060773 for one forward stock split approved by Pawfect ´s board and principal stockholder expected to be effective within 10 days, Synergy became a wholly owned subsidiary of Pawfect and Callisto retains an approximately 68% interest in Synergy and its GC–C receptor agonist platform. Pawfect Foods has filed an amendment to its articles of incorporation to, among other things, change its corporate name to "Synergy Pharmaceuticals, Inc. Simultaneously with the closing of the placement, Callisto and certain recipients of Synergy restricted stock awards exchanged all of the outstanding stock of Synergy for approximately 70% of the common stock of Pawfect Foods, Inc., a Florida corporation (PWFF.OB). The proceeds of the private placement will be used to fund the development of SP–304, its guanylate cyclase C (GC–C) receptor agonist, for chronic constipation (CC) and constipation–predominant irritable bowel syndrome (IBS–C). (Pink Sheets: CLSP FWB: CA4), announced today that its Synergy Pharmaceuticals, Inc.
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