You should read this discussion together with the consolidated financial
statements, related notes and other financial information included elsewhere in
this Quarterly Report on Form 10-Q. The following discussion may contain
predictions, estimates and other forward-looking statements that involve a
number of risks and uncertainties, including those discussed under "Risk
Factors" in our Annual Report on Form 10-K for the year ended December 31, 2012
filed with the Securities and Exchange Commission. These risks could cause our
actual results to differ materially from any future performance suggested below.
Synta Pharmaceuticals Corp.
is a biopharmaceutical company focused on
discovering, developing, and commercializing small molecule drugs to extend and
enhance the lives of patients with severe medical conditions, including cancer
and chronic inflammatory diseases. We have two drug candidates in clinical
trials for treating multiple types of cancer and several drug candidates in the
preclinical stage of development. All of our drug candidates have been
discovered and developed internally using our proprietary, unique chemical
compound library and integrated discovery engine. We retain full ownership of
all of our drug candidates.
We were incorporated in March 2000
and commenced operations in July 2001
that time, we have been principally engaged in the discovery and development of
novel drug candidates. As of September 30, 2013
, we have raised an aggregate of
approximately $667.3 million
in cash proceeds to fund operations, including
in net proceeds from private and public offerings of our equity,
in gross proceeds from term loans and $167.2 million
non-refundable payments from partnering activities under prior collaborations,
as well as $4.4 million
from the exercise of common stock warrants and options.
We have also generated funds from government grants, equipment lease financings
and investment income. We are engaged in preliminary partnership discussions for
a number of our programs, which may provide us with additional financial
resources if consummated.
We have devoted substantially all of our capital resources to the research and
development of our drug candidates. Since our inception, we have had no revenues
from product sales. As of September 30, 2013
, we had an accumulated deficit of
. We expect to incur significant operating losses for the
foreseeable future as we advance our drug candidates from discovery through
preclinical development and clinical trials, and seek regulatory approval and
eventual commercialization. We will need to generate significant revenues from
product sales to achieve future profitability and may never do so.
We have two clinical-stage programs and two preclinical-stage programs in
Ganetespib (Hsp90 Inhibitor)
Ganetespib is a novel, small molecule inhibitor of Hsp90, a molecular chaperone
which is required for the proper folding and activation of many cancer-promoting
proteins. In preclinical cancer models, inhibition of Hsp90 by ganetespib leads
to the simultaneous degradation of many of these proteins and the subsequent
death or cell cycle arrest of cancer cells dependent on these proteins for
growth. A number of Hsp90 client proteins are also involved in the resistance of
cancer cells to other anti-cancer treatments, such as chemotherapy. The ability
to reduce cancer-cell drug resistance suggests potential for combining
ganetespib with chemotherapies or other anti-cancer agents. In preclinical
studies, ganetespib has shown anti-cancer activity against a broad range of
solid and hematologic cancers, both as a monotherapy and in combination with
certain widely used anti-cancer agents.