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Syros Gets ‘Tyme’ To Bring Lead Candidate To Pivotal Readout

 
• By Joseph Haas

Gene-expression focused Syros adds about $190m to its coffers with Tyme merger and PIPE financing. This will get it past pivotal data for tamibarotene and enable Phase III development of a leukemia candidate.

Sand running through the bulbs of an hourglass measuring the passing time in a countdown to a deadline, on a dark background with copy space.
Time was a primary obstacle for Syros, until it agreed to merge with Tyme

Syros Pharmaceuticals, Inc. significantly extended its financial runway through three concurrent transactions on 5 July that are expected to fund company operations into 2025 and get it well past the expected readout of pivotal Phase III data for its lead candidate tamibarotene in higher-risk myelodysplastic syndrome (HR-MDS) patients. In the process, Syros will merge with Tyme Technologies, Inc., acquiring about $60m in cash and that company’s stalled cancer metabolism-based therapy SM-88.

Both companies’ boards of directors have agreed to the proposed all-stock merger of Syros and Tyme, expected to close during the second half of 2022. Syros, which closed the 5 July trading day with a share price of $0.87, down 4.4%, will issue approximately 74.3 million common shares to Tyme shareholders, with the latter firm becoming a wholly owned subsidiary of Syros

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