Synergy Pharmaceuticals posts a Q2 beat; announces spin-off of FV-100 assets

|About: Synergy Pharmaceuticals, Inc. (SGYP)|By:, SA News Editor

Synergy Pharmaceuticals (SGYP -0.2%) posts a solid Q2 beat as losses for the quarter were less than expected.

Cash and equivalents balance as of June 30 was $92.3M , up from $32.5M at the end of December, 2012.

Announces plans to spin off the part of its business working on a shingles treatment as a separate publicly traded company.

The newly formed subsidiary, ContraVir Pharmaceuticals, will hold the FV-100 assets in order to capitalize on significant growth opportunities and provide greater focus on the respective businesses and strategic priorities.