Syros Announces $35 Million Private Placement
21 April 2017 - 02:01PM
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.
Net proceeds from this offering are expected to be used to
advance the Company’s research and development programs, including
the clinical development of SY-1425 in genomically defined subsets
of patients with acute myeloid leukemia and myelodysplastic
syndrome, and the planned Phase 1 clinical trial of SY-1365 in
patients with advanced solid tumors.
The securities to be sold in the private placement have not been
registered under the Securities Act of 1933, as amended (the
“Securities Act”), or any state or other applicable jurisdiction’s
securities laws, and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements of the Securities Act and applicable
state or other jurisdictions’ securities laws. The Company has
agreed to file a registration statement with the U.S. Securities
and Exchange Commission registering the resale of the shares of
common stock to be issued and sold in the private placement no
later than the 30th day after the closing of the offering. Any
offering of the securities under the resale registration statement
will only be by means of a prospectus.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any offer, solicitation or sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Syros PharmaceuticalsSyros 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 RARα 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.
Cautionary Note Regarding Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995,
including without limitation statements regarding the use of
proceeds from the private placement, the filing of a registration
statement to register the resale of the shares to be issued and
sold in the private placement, and the benefits of Syros’ gene
control platform. The words ‘‘anticipate,’’ ‘‘believe,’’
‘‘continue,’’ ‘‘could,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘intend,’’
‘‘may,’’ ‘‘plan,’’ ‘‘potential,’’ ‘‘predict,’’ ‘‘project,’’
‘‘target,’’ ‘‘should,’’ ‘‘would,’’ and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Actual
results or events could differ materially from the plans,
intentions and expectations disclosed in these forward-looking
statements as a result of various important factors, including:
Syros’ ability to: advance the development of its programs,
including SY-1425 and SY-1365, under the timelines it projects in
current and future clinical trials; obtain and maintain patent
protection for its drug candidates and the freedom to operate under
third party intellectual property; demonstrate in any current and
future clinical trials the requisite safety, efficacy and
combinability of its drug candidates; replicate scientific and
non-clinical data in clinical trials; successfully develop a
companion diagnostic test to identify patients with biomarkers
associated with the RARA super-enhancer; obtain and maintain
necessary regulatory approvals; identify, enter into and maintain
collaboration agreements with third parties; manage competition;
manage expenses; raise the substantial additional capital needed to
achieve its business objectives; attract and retain qualified
personnel; and successfully execute on its business strategies;
risks described under the caption “Risk Factors” in Syros’ Annual
Report on Form 10-K for the year ended December 31, 2016, which is
on file with the Securities and Exchange Commission; and risks
described in other filings that Syros makes with the Securities and
Exchange Commission in the future. Any forward-looking statements
contained in this press release speak only as of the date hereof,
and Syros expressly disclaims any obligation to update any
forward-looking statements, whether because of new information,
future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170421005129/en/
Media Contact:Syros PharmaceuticalsNaomi Aoki,
617-283-4298naoki@syros.comorInvestor Contact:Stern Investor
Relations, Inc.Hannah Deresiewicz,
212-362-1200hannahd@sternir.com
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