Synergy Pharma Hands 30% Raise to CEO Gary Jacob

Synergy Pharmaceuticals Inc. (Nasdaq: SGYP) has handed CEO Dr. Gary Jacob a 30% raise in base salary to $425,000, according to an SEC filing. It handed Chairman Gabriele Cerrone a bigger 48% raise to like amount.

The agreements run for a three-year period starting Jan. 1. Each of the agreements is substantially similar to the previous ones, the company said in the filing.

Jacob has led Synergy since July 2008. He also serves as the CEO of Callisto Pharmaceuticals Inc., a principal shareholder in Synergy.

Cerrone has served as the chairman and consultant since July 2008. He holds similar positions at Callisto Pharmaceuticals Inc. Cerrone is also the managing partner at Panetta Partners Ltd., which invests in life sciences and technology companies.

Based in New York and Doylestown, Pa, Synergy develops drugs to treat gastrointestinal disorders and diseases. Its drugs are based on the natural human hormone uroguanylin, which regulates fluid and inflammation in the digestive system. Plecanatide, its lead investigational drug, is currently in Phase IIb/III clinical development to treat chronic idiopathic constipation.

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