CAMBRIDGE, Mass.--(BUSINESS WIRE)--Syros Pharmaceuticals (NASDAQ:SYRS), a biopharmaceutical company pioneering the discovery and development of medicines to control the expression of disease-driving genes, announced today that it has entered into a stock purchase agreement with several institutional accredited investors for the private placement of 2,592,591 shares of common stock at a purchase price of $13.50 per share, yielding expected gross proceeds of $35 million. The purchase price for the shares represents an 8.8% discount to the average closing price of the Company’s common stock over the 30 trading days prior to the entry into the stock purchase agreement. The private placement is expected to close on or about April 26, 2017, subject to the satisfaction of customary closing conditions.
The private placement was anchored by Samsara BioCapital, a new biotech investment firm founded by Srini Akkaraju, M.D., Ph.D., alongside a number of existing and new institutional investors. J.P. Morgan Securities LLC and Cowen and Company, LLC acted as placement agents to the Company in connection with the offering.
About Syros Pharmaceuticals
Syros Pharmaceuticals is pioneering the understanding of the non-coding region of the genome to advance a new wave of medicines that control expression of disease-driving genes. Syros has built a proprietary platform that is designed to systematically and efficiently analyze this unexploited region of DNA in human disease tissue 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 immune-mediated diseases and is advancing a growing pipeline of gene control medicines. Syros’ lead drug candidates are SY-1425, a selective RAR? agonist in a Phase 2 clinical trial for genomically defined subsets of patients with acute myeloid leukemia and myelodysplastic syndrome, and SY-1365, a selective CDK7 inhibitor with potential in a range of solid tumors and blood cancers. Led by a team with deep experience in drug discovery, development and commercialization, Syros is located in Cambridge, Mass.
