Syros Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Syros Pharmaceuticals (NASDAQ:SYRS) granted 12,400 restricted stock units (RSUs) to two new employees as part of their employment inducement. The RSUs will vest quarterly, starting January 31, 2024, and are part of Syros’ 2022 Inducement Stock Incentive Plan. This strategic move aligns with Nasdaq Listing Rule 5635(c)(4). Syros is focused on developing cutting-edge treatments for hematologic malignancies, featuring a late-stage pipeline that includes drugs like tamibarotene and SY-2101, addressing significant medical needs in blood disorders. For further information, visit www.syros.com.

Positive

• Grant of 12,400 RSUs can enhance talent acquisition and retention.
• New hires are likely to advance Syros' mission in hematologic malignancies.

Negative

• None.

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Syros Pharmaceuticals (NASDAQ:SYRS), a biopharmaceutical company committed to advancing new standards of care for the frontline treatment of hematologic malignancies, today announced the grant of restricted stock unit (RSU) awards for an aggregate of 12,400 shares of Syros common stock to two newly hired employees in connection with their commencement of employment with Syros. These RSUs were granted as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4).

The awards were granted on February 6, 2023, and vest as to one-quarter of the shares on January 31, 2024 and as to an additional one-quarter of the shares at the end of each successive year thereafter, subject to the employee’s continued service with Syros. These awards are subject to the terms and conditions of a restricted stock unit agreement covering the award and Syros’ 2022 Inducement Stock Incentive Plan.

About Syros Pharmaceuticals

Syros is committed to developing new standards of care for the frontline treatment of patients with hematologic malignancies. Driven by the motivation to help patients with blood disorders that have largely eluded other targeted approaches, Syros is advancing a robust late-stage clinical pipeline, including tamibarotene, a first-in-class oral selective RARα agonist in patients with higher-risk myelodysplastic syndrome and acute myeloid leukemia with RARA gene overexpression, and SY-2101, a novel oral form of arsenic trioxide in patients with acute promyelocytic leukemia. Syros is also seeking partnerships for SY-5609, a highly selective and potent CDK7 inhibitor in clinical development for the treatment of select solid tumors, and multiple preclinical programs in oncology and monogenic diseases. For more information, visit www.syros.com and follow us on Twitter (@SyrosPharma) and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230209005037/en/

Syros Contact

Karen Hunady

Director of Corporate Communications & Investor Relations

1-857-327-7321

khunady@syros.com

Media Contact

Brittany Leigh, Ph.D.

LifeSci Communications, LLC

+1-813-767-7801

bleigh@lifescicomms.com

Investor Contact

Hannah Deresiewicz

Stern Investor Relations, Inc.

212-362-1200

hannah.deresiewicz@sternir.com

Source: Syros Pharmaceuticals

FAQ

What is the significance of the RSU grant by Syros Pharmaceuticals on February 6, 2023?

The RSU grant signifies Syros Pharmaceuticals' commitment to attracting and retaining talent as part of its growth strategy.

How many shares were awarded as RSUs to new employees at Syros Pharmaceuticals?

A total of 12,400 shares of Syros common stock were awarded as RSUs.

When will the RSUs granted by Syros Pharmaceuticals vest?

The RSUs will vest as to one-quarter of the shares on January 31, 2024, with additional quarterly vesting thereafter.

What are the future plans for Syros Pharmaceuticals in the treatment of hematologic malignancies?

Syros Pharmaceuticals is advancing a late-stage clinical pipeline, including drugs like tamibarotene and SY-2101.