Attached files
file | filename |
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8-K - 8-K - SYNERGY PHARMACEUTICALS, INC. | a14-7414_28k.htm |
EX-10.1 - EX-10.1 - SYNERGY PHARMACEUTICALS, INC. | a14-7414_2ex10d1.htm |
EXHIBIT 5.1
SICHENZIA ROSS FRIEDMAN FERENCE LLP
61 Broadway, 32nd Floor
New York, NY 10006
Telephone: (212) 930-9700
Facsimile: (212) 930-9725
March 5, 2014
Synergy Pharmaceuticals Inc.
420 Lexington Avenue
Suite 2012
New York, New York 10170
Re: Registration Statement on Form S-3
Ladies and Gentlemen:
We have acted as counsel to Synergy Pharmaceuticals Inc., a Delaware corporation (the Company), in connection with the preparation and filing of the Registration Statement on Form S-3 (File No. 333-182271) (the Registration Statement), with the Securities and Exchange Commission (the Commission) pursuant to the Securities Act of 1933, as amended (the Securities Act) and the prospectus supplement, dated March 5, 2014 (the Prospectus Supplement), filed pursuant to Rule 424(b) under the Securities Act, relating to the sale by the Company of shares of its common stock, par value $0.0001 per share (the Common Stock) having an aggregate offering price of up to $50,000,000 (the Shares).
The offering and sale of the Shares are being made pursuant to that certain Controlled Equity Offering Sales Agreement dated as of June 21, 2012, as amended by Amendment No. 1 dated as of March 5, 2014 (as amended, the Sales Agreement), by and between the Company and Cantor Fitzgerald & Co. (Cantor).
We have examined copies of the Sales Agreement, the Registration Statement and the Prospectus Supplement. We have also reviewed such records, documents, agreements and certificates, and examined such questions of law, as we have considered necessary or appropriate to express the opinions set forth below. In making our examination of records, documents, agreements and certificates, we have assumed the authenticity of the same, the correctness of the information contained therein, the genuineness of all signatures, the authority of all persons entering and maintaining records or executing documents, agreements and certificates, and the conformity to authentic originals of all items submitted to us as copies (whether certified, conformed, photostatic or by other electronic means) of records, documents, agreements or certificates. In rendering our opinions, we have relied as to factual matters upon certificates of public officials and certificates and representations of officers of the Company.
Based on and subject to the foregoing, we are of the opinion that the Shares have been duly authorized by the Company, and when issued and delivered by the Company against payment therefor in accordance with the terms of the Sales Agreement, will be validly issued, fully paid and nonassessable.
The foregoing opinions are based upon and expressly limited to the laws of the State of New York and the General Corporation Law of the State of Delaware. We do not purport to be experts on, or to express any opinion with respect to the applicability thereto, or to the effect, of the laws of any other jurisdiction or as to matters of local law or the laws of local governmental departments or agencies within the State of Delaware.
We hereby consent to the filing of this opinion as Exhibit 5.1 to the Companys Current Report on Form 8-K, filed on or about March 5, 2014, for incorporation by reference into the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or under the rules and regulations promulgated by the Securities and Exchange Commission. This opinion is expressed as of the date hereof, and we disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable laws.
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Very truly yours, |
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/s/ Sichenzia Ross Friedman Ference LLP |