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

Rhea-AI Summary

Syros Pharmaceuticals (NASDAQ:SYRS) announced the grant of restricted stock unit (RSU) awards totaling 22,610 shares to three new employees as part of their inducement to employment. These RSUs were granted on October 31, 2022 and will vest in four equal annual installments, contingent upon continued employment. This move is in compliance with Nasdaq Listing Rule 5635(c)(4). Syros is focused on developing medicines for gene expression control and has a strong clinical pipeline, including treatments for various cancers.

Positive

• Granting of 22,610 RSUs as employee inducements could enhance talent acquisition and retention.
• Syros is progressing in developing innovative treatments for oncology, indicating potential growth in the clinical pipeline.

Negative

• None.

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Syros Pharmaceuticals (NASDAQ:SYRS), a leader in the development of medicines that control the expression of genes, today announced the grant of restricted stock unit (RSU) awards for an aggregate of 22,610 shares of Syros common stock to three 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 October 31, 2022 and vest in equal annual installments over a period of four years, 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 redefining the power of small molecules to control the expression of genes. Based on its unique ability to elucidate regulatory regions of the genome, Syros aims to develop medicines that provide a profound benefit for patients with diseases that have eluded other genomics-based approaches. Syros is advancing a robust clinical-stage 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; SY-2101, a novel oral form of arsenic trioxide in patients with acute promyelocytic leukemia; and SY-5609, a highly selective and potent oral CDK7 inhibitor in patients with select solid tumors. Syros also has multiple preclinical and discovery 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/20221104005028/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 grants by Syros Pharmaceuticals on October 31, 2022?

The RSU grants represent an effort to attract and retain talent within Syros Pharmaceuticals, aligning employee interests with company performance.

How many shares of common stock were granted in the RSUs by Syros Pharmaceuticals?

Syros Pharmaceuticals granted a total of 22,610 shares in the restricted stock unit awards.

What is the vesting schedule for the RSUs awarded by Syros Pharmaceuticals?

The RSUs awarded by Syros Pharmaceuticals vest in equal annual installments over a four-year period.

What is the current focus of Syros Pharmaceuticals' clinical pipeline?

Syros Pharmaceuticals focuses on developing gene expression control medicines, with a clinical pipeline targeting various cancers.