Synta Pharmaceuticals Corp. 45 Hartwell Avenue Lexington, MA 02421 tel: 781 541 7125 fax : 781 274 8228 www.syntapharma.com Synta Pharmaceuticals Reports Sale of $5 Million in Common Stock to Member of Synta Board of Dir

Synta Pharmaceuticals Reports Sale of $5 Million in

Member of Synta Board of Directors

LEXINGTON, MA November 11, 2010 Synta

Pharmaceuticals Corp. (NASDAQ: SNTA) today announced the sale of 1,440,923

shares of its common stock at a price of $3.47 per share to Mr. Bruce

Kovner, a member of the Board of Directors of Synta, pursuant to a Subscription

Agreement entered into on November 10, 2010, for gross proceeds of

approximately $5 million. The shares

were offered directly to Mr. Kovner without a placement agent,

underwriter, broker or dealer.

net proceeds from the sale will be used to fund Synta s operations, including,

research and development, clinical trials, manufacturing, intellectual property

protection and enforcement, and working capital, and for other general

shares described above are registered under the Securities Act of 1933, as

amended, pursuant to Synta Pharmaceuticals effective shelf registration

press release shall not constitute an offer to sell or the solicitation of an

offer to buy any securities of Synta Pharmaceuticals Corp. nor shall there be

any sale of securities in any state or jurisdiction in which such an offer,

solicitation or sale would be unlawful prior to registration or qualification

under the securities laws of any such state or jurisdiction.

About Synta Pharmaceuticals

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. Synta has a

unique chemical compound library, an integrated discovery engine, and a diverse

pipeline of clinical- and preclinical-stage drug candidates with distinct

mechanisms of action and novel chemical structures. All Synta drug candidates were invented by

Synta scientists using our compound library and discovery capabilities.

Safe Harbor Statement

press release contains forward-looking statements, including, but not limited

to, statements relating to the anticipated use of proceeds from the sale. Forward-looking statements are based on

management s expectations and are subject to certain factors, risks and

uncertainties that may cause actual results, outcome of events, timing and

performance to differ materially from those expressed or implied by such

statements. These risks and

uncertainties include, but are not limited to, those detailed in the Company s

public filings with the U.S. Securities and Exchange Commission. The information contained in this press release

is believed to be current as of the date of original issue. The Company does not intend to update any of

the forward-looking statements after the date of this document to conform these

statements to actual results or to changes in the Company s expectations,

except as required by law.