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Pawfect Foods Announces Acquisition of Synergy Pharmaceuticals and $3.0 Million Financing

NEW YORK--(BUSINESS WIRE)--Pawfect Foods, Inc., a Florida corporation (PWFF.OB) announced today that it acquired Synergy Pharmaceuticals, Inc. in exchange for shares of its common stock issued to Callisto Pharmaceuticals, Inc. (Pink Sheets: CLSP; FWB: CA4) and completed a $3.0 million private placement. The company also cancelled 1,981,503.650 of 2,000,000 outstanding shares of Pawfect common stock surrendered by a principal stockholder as a condition of the exchange and financing, approved a 75.69060773 for one forward stock split and changed its corporate name to “Synergy Pharmaceuticals, Inc.” The stock split and name change are expected to be effective within 10 days, As a result of the financing, exchange of shares, and the stock split, Synergy became a wholly owned subsidiary of Pawfect.

Synergy Pharmaceuticals Inc. is a biopharmaceutical company focused primarily on the development of drugs to treat gastrointestinal disorders and diseases. Its lead drug candidate is SP-304 (Guanilib), a guanylyl cyclase C (GC-C) receptor agonist, to treat gastrointestinal disorders, primarily chronic constipation and constipation-predominant irritable bowel syndrome (IBS-C).

Gary S. Jacob, Ph.D., Callisto CEO, Gabriele M. Cerrone, Callisto Chairman, John Brancaccio, a Callisto director, Chris McGuigan, Ph.D., and Thomas H. Adams, Ph.D. were appointed to constitute the Pawfect board of directors and, among other officer appointments, Gary S. Jacob was appointed President and Acting CEO of Pawfect pending Pawfect recruiting an independent CEO. Dr. Jacob will continue to serve as CEO of Callisto.

Gary S. 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. It is our hope that the separation of Synergy’s gastrointestinal drug development from Callisto’s cancer drug...