Syros Announces Closing of Merger with Tyme Technologies and Concurrent Private Placement
Syros Pharmaceuticals, Inc. (NASDAQ:SYRS), a leader in the development of medicines that control the expression of genes, today announced the closing of its merger with Tyme Technologies, Inc., pursuant to which Syros acquired TYME, including its pipeline assets and net cash at closing of approximately $60 million. Shares of the combined company will trade on Nasdaq under the ticker symbol “SYRS.”
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Sep 16, 2022--
Syros Pharmaceuticals, Inc. (NASDAQ:SYRS), a leader in the development of medicines that control the expression of genes, today announced the closing of its merger with Tyme Technologies, Inc., pursuant to which Syros acquired TYME, including its pipeline assets and net cash at closing of approximately $60 million. Shares of the combined company will trade on Nasdaq under the ticker symbol “SYRS.”
Concurrent with the closing of the merger, Syros also closed the previously announced oversubscribed $130 million private investment in public equity (PIPE) financing. New and existing investors in the PIPE, which was led by a life-sciences focused investment fund, include Syros co-founder and founding investor Flagship Pioneering, Avidity Partners, Deep Track Capital, Bain Capital Life Sciences, Invus, Samsara BioCapital, Adage Capital Partners LP, Ally Bridge Group and Cowen Healthcare Investments, as well as other investors.
Following the closing of these transactions, as well as the effectiveness of the previously disclosed amendment to Syros’ senior secured loan facility with Oxford Finance LLC, Syros has approximately $240 million in cash and other capital resources (after transaction expenses), which it believes will be sufficient to fund its planned operating expenses and capital expenditure requirements into 2025.
