Syros Pharmaceuticals (NASDAQ: SYRS), a leader in the development of medicines that control the expression of genes, has closed concurrent underwritten public offerings resulting in proceeds of approximately $70 million. According to the update, the offerings consist of 8,667,333 of its common stock shares and accompanying Class A warrants to purchase up to 1,951,844 common stock shares, at a combined price to the public of $7.50 per common share and accompanying Class A warrant, as well as 666 shares of its Series A convertible preferred stock, convertible into 666,000 shares of its common stock, and accompanying Class A warrants to purchase up to 166,500 common stock shares, at a combined price to the public of $7,500 per Series A share and accompanying Class A warrant. The Class A warrants sold in each offering will have the same terms, each having an exercise price of $8.625 per share and expiring 3.5 years from the date of issuance. ROTH Capital Partners acted as co-manager for the transactions.
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About Syros Pharmaceuticals
Syros is pioneering the understanding of the non-coding regulatory region of the genome to advance a new wave of medicines that control the expression of genes. Syros has built a proprietary platform that is designed to systematically and efficiently analyze this unexploited region of DNA to identify and drug novel targets linked to genomically defined patient populations. Because gene expression is fundamental to the function of all cells, Syros’ gene control platform has broad potential to create medicines that achieve profound and durable benefit across a range of diseases. Syros is currently focused on cancer and monogenic diseases and is advancing a growing pipeline of gene control medicines. Syros’ lead drug candidates are SY-1425, a selective RARα agonist in a Phase 2 clinical trial for genomically defined subsets of patients with acute myeloid leukemia, and SY-1365, a selective CDK7 inhibitor in a Phase 1 clinical trial focused on patients with ovarian and breast cancers. Syros is also developing a deep preclinical and discovery pipeline, including SY-5609, an oral CDK7 inhibitor, as well as programs in immuno-oncology and sickle cell disease. Led by a team with deep experience in drug discovery, development and commercialization, Syros is located in Cambridge, Mass. For more information, visit the company’s website at www.Syros.com.
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