Synergy evaluating options following slow Trulance uptake

Synergy Pharmaceuticals Inc. (NASDAQ:SGYP) said it is evaluating strategic alternatives, including seeking bankruptcy protection, following slower-than-anticipated sales of gastrointestinal drug Trulance plecanatide.

The company said it is projecting net sales for Trulance for 2018 of $42-$47 million, which is below a minimum revenue covenant of $61 million set forth in a term loan agreement with healthcare investment firm CRG Servicing LLC. If net sales of Trulance fall below that amount, Synergy will be required to repay the principle and pay prepayment penalties of $38-$51 million. The loan also contains a liquidity covenant that may not be satisfied without relief from CRG...