Health and Healthcare
Syros Pharmaceuticals Announces Potential Pricing for IPO
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Syros Pharmaceuticals has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company expects to price its 4 million shares in the range of $14 to $16 per share, with an overallotment option for an additional 600,000 shares. At the maximum price the entire offering is valued up to $73.6 million. The company intends to list its shares on the Nasdaq Global Market under the symbol SYRS.
The underwriters for the offering are Cowen, Piper Jaffray, JMP Securities and Wedbush PacGrow.
This biopharmaceutical company is pioneering an understanding of the region of the genome controlling the activation and repression of genes. The goal is to advance a new wave of medicines to control the expression of disease-driving genes.
Syros has built a proprietary gene control platform 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, the company believes that its gene control platform has broad potential to create medicines that achieve profound and durable benefit across therapeutic areas and a range of diseases.
By focusing on genomically defined subsets of patients, Syros believes it can conduct efficient clinical trials with a higher likelihood of success. It is currently focused on developing treatments for cancer and immune-mediated diseases and is building a pipeline of gene control medicines.
The company plans to begin a Phase 2 clinical trial for its lead product candidate, SY-1425 (tamibarotene), in mid-2016. This trial will enroll genomically defined subsets of patients with relapsed or refractory acute myelogenous leukemia, and relapsed high-risk myelodysplastic syndrome. Syros plans to initiate a Phase 1/2 clinical trial for its development candidate SY-1365, initially for the treatment of acute leukemia, in the first half of 2017. Both of these programs may have potential in additional indications.
Using this platform, Syros is also generating a pipeline of novel preclinical drug candidates for genomically defined subsets of currently underserved patients.
The company intends to use the net proceeds from this offering to further develop and fund its pipeline, with the remainder going to working capital and general corporate purposes.
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