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

Rhea-AI Summary

Syros Pharmaceuticals (NASDAQ: SYRS) has granted an aggregate of 77,850 restricted stock units (RSUs) to four new employees, effective May 31, 2022. These RSUs serve as material inducements in accordance with Nasdaq Listing Rule 5635(c)(4) and will vest over four years, subject to the employees’ continued service. Syros aims to leverage its gene control technology in advancing treatments for certain cancers, with a clinical pipeline that includes innovative therapies like tamibarotene and SY-5609.

Positive

• Granting RSUs could attract and retain key talent, which may enhance operational capabilities.
• Syros is advancing a strong clinical pipeline with several innovative therapies aimed at difficult-to-treat conditions.

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 77,850 shares of Syros common stock to four 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 RSUs were granted on May 31, 2022, vest as to one-quarter of the shares on May 31, 2023 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, and 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 RARA-positive patients with higher-risk myelodysplastic syndrome and acute myeloid leukemia; 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/20220603005019/en/

Media Contact

Courtney Solberg

Syros Pharmaceuticals

917-698-9253

csolberg@syros.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?

The RSU grant aims to attract new talent, which is crucial for the company's growth and operational success.

What types of therapies is Syros Pharmaceuticals developing?

Syros is developing treatments for various cancers, including tamibarotene and SY-5609.

When were the RSUs granted to the new employees?

The RSUs were granted on May 31, 2022.

How many shares of common stock did Syros award in total?

Syros awarded a total of 77,850 shares of common stock in RSUs.

What is the vesting schedule for the RSUs granted by Syros?

The RSUs vest as to one-quarter of the shares on May 31, 2023, and then an additional one-quarter each year thereafter.