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On September 15, 2022, Syros Pharmaceuticals and Tyme Technologies announced the results of their respective special stockholder meetings, where both companies' stockholders approved a merger. This merger will see Tyme become a wholly owned subsidiary of Syros. Additionally, Syros will implement a 1-for-10 reverse stock split, effective September 16, 2022, reducing its outstanding shares from approximately 63 million to about 6.3 million. The combined entity will trade on Nasdaq under the ticker "SYRS," with Syros' existing management leading the new company.
Syros Pharmaceuticals and Tyme Technologies announced the approval of their merger on September 15, 2022. The merger will result in Tyme being a wholly owned subsidiary of Syros, with trading expected to commence under the ticker symbol 'SYRS' on Nasdaq. Syros also confirmed a 1-for-10 reverse stock split effective September 16, which will reduce issued shares from approximately 63 million to about 6.3 million. The reverse split is designed to enhance share price and maintain compliance with listing requirements.
Syros Pharmaceuticals announced a merger agreement to acquire TYME Technologies, gaining approximately
TYME Technologies reported financial results for the fourth quarter and full year ended March 31, 2022, highlighting approximately $84.0 million in cash and marketable securities, down from $92.0 million in the previous quarter. The company experienced an operational cash burn rate of $7.7 million for Q4, reflecting increased expenses including $2.2 million in severance costs. A net loss of $23.6 million was reported for the year, improving from $29.0 million the prior year, mainly due to lower ongoing trial costs from discontinued clinical studies.
TYME Technologies announced it will explore strategic options to enhance stockholder value after terminating a clinical trial of its drug SM-88 for pancreatic cancer due to futility. The firm has engaged Moelis & Company as financial advisor and Faegre Drinker Biddle & Reath LLP as legal counsel. With $92 million in cash and marketable securities, the company is positioned for potential transactions. TYME continues to evaluate SM-88 in other studies, with a poster presentation scheduled for the AACR Annual Meeting on April 11, 2022.
TYME Technologies, Inc. announces key leadership changes, appointing
TYME Technologies announces new preclinical results for its investigational drug, SM-88, as a potential treatment for drug-resistant estrogen receptor positive (ER+) breast cancer. Presented by Dr. Ayesha Shajahan-Haq from Georgetown University at the AACR Annual Meeting 2022, the findings show encouraging efficacy of SM-88, particularly in patients resistant to CDK4/6 inhibitors. This population represents 73% of breast cancer diagnoses in the U.S. The ongoing OASIS trial aims to evaluate the efficacy of SM-88 in patients with advanced HR+/HER2- breast cancer who have previously failed standard therapies.
TYME Technologies reported progress in its clinical trials, particularly the Phase II OASIS trial for metastatic HR+/HER2- breast cancer and the HopES trial for sarcomas. As of December 31, 2021, the company had $92.0 million in cash, with a reduced operational burn rate of $4.5 million. However, it discontinued the SM-88 with MPS arm in the Precision Promise trial for pancreatic cancer due to futility. A strategic review is ongoing to diversify the clinical pipeline, with expectations for mid-2022 full enrollment in the HopES trial.
TYME Technologies, Inc. (NASDAQ: TYME) will disclose its third quarter 2022 financial results on February 11, 2022, at 8:30 AM ET. CEO Richie Cunningham and CFO Frank Porfido will lead a conference call and webcast, which is available on the Investors page of the TYME website. Participants can submit questions before the call, with a deadline set for 5:00 PM ET on February 7, 2022. The company focuses on cancer metabolism-based therapies for a range of cancers.
TYME Technologies has discontinued the MPS arm of its SM-88 Phase 2/3 trial in metastatic pancreatic cancer due to futility. The company learned that SM-88's overall survival rate was lower than standard chemotherapy options, such as Gemcitabine and Abraxane or modified FOLFIRINOX, as indicated by the trial sponsor PanCAN. Despite previous hopes, the latest results do not support further development of this treatment for second-line pancreatic cancer. TYME remains focused on advancing its pipeline and further analyzing trial data.
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