Syros Announces Closing of Concurrent Public Offerings

April 9, 2019 Off By BusinessWire

CAMBRIDGE, Mass.–(BUSINESS WIRE)–Syros Pharmaceuticals (NASDAQ: SYRS), a leader in the development of
medicines that control the expression of genes, today announced the
closing of its previously announced concurrent underwritten public
offerings of (i) 8,667,333 shares of its common stock and accompanying
Class A warrants to purchase up to 1,951,844 shares of its common stock,
at a combined price to the public of $7.50 per common share and
accompanying Class A warrant and (ii) 666 shares of its Series A
convertible preferred stock, which are convertible into 666,000 shares
of its common stock, and accompanying Class A warrants to purchase up to
166,500 shares of its common stock, at a combined price to the public of
$7,500 per Series A share and accompanying Class A warrant. Each Class A
warrant has an exercise price of $8.625 per share and expires 3.5 years
from the date of issuance. Gross proceeds from the offerings, before
deducting underwriting discounts and commissions and offering expenses,
were approximately $70 million.

Cowen and Piper Jaffray & Co. acted as joint book-running managers for
the offerings. JMP Securities acted as lead manager and Roth Capital
Partners acted as co-manager.

The securities were offered by Syros pursuant to a shelf registration
statement that was filed with the Securities and Exchange Commission
(“SEC”) on July 20, 2017 and declared effective by the SEC on July 31,
2017. Final prospectus supplements and accompanying prospectuses
relating to, and describing the terms of, each offering were filed with
the SEC and are available on the SEC’s website at www.sec.gov.
Copies of the prospectus supplements and the accompanying prospectuses
relating to each offering can be obtained from Cowen and Company, LLC,
c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY
11717, Attention: Prospectus Department, or by telephone at (631)
274-2806; or Piper Jaffray & Co., Attention: Prospectus Department, 800
Nicollet Mall, J12S03, Minneapolis, MN 55402, or by telephone:
800-747-3924, or by email: [email protected].

This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.

About Syros Pharmaceuticals

Syros is pioneering the understanding of the non-coding regulatory
region of the genome to advance a new wave of medicines that control the
expression of genes. Syros has built a proprietary platform that is
designed to systematically and efficiently analyze this unexploited
region of DNA 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
monogenic 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 SY-1365, a selective CDK7
inhibitor in a Phase 1 clinical trial focused on patients with ovarian
and breast cancers. Syros is also developing a deep preclinical and
discovery pipeline, including SY-5609, an oral CDK7 inhibitor, as well
as programs in immuno-oncology and sickle cell disease. Led by a team
with deep experience in drug discovery, development and
commercialization, Syros is located in Cambridge, Mass.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995. The
words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,”
“plan,” “predict,” “project,” “would,” “could,” “potential,” “possible,”
“hope” and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain these
identifying words. Actual results may differ materially from those
projected or implied in these forward-looking statements. Factors that
may cause such a difference include, without limitation, risks and
uncertainties related to the impact of general economic, industry or
political conditions in the United States or internationally. You should
not place undue reliance on these forward-looking statements. Additional
risks and uncertainties relating to the offerings, Syros and its
business can be found under the caption “Risk Factors” in Syros’ Annual
Report on Form 10-K for the year ended December 31, 2018, Syros’
prospectus supplements filed with the SEC on April 8, 2019; 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.