Syros Pharmaceuticals Shares Plummet Premarket After Study Failure

Dow Jones11-13

By Colin Kellaher

Shares of Syros Pharmaceuticals collapsed in premarket trading Wednesday after the biopharmaceutical company's lead asset, tamibarotene, failed in a late-stage study in a rare blood cancer.

Syros late Tuesday said the Phase 3 study evaluating tamibarotene in combination with azacitidine in newly diagnosed patients with higher-risk myelodysplastic syndrome didn't meet its primary endpoint of complete response rate, and that it was scrapping the study.

The Cambridge, Mass., company also said the study failure constitutes an event of default under its secured loan facility with Oxford Finance, and that it is evaluating its next steps.

Syros shares, which closed Tuesday at $2.73, were recently down 85% at about 42 cents in premarket trading.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 13, 2024 08:14 ET (13:14 GMT)

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