Syros Announces Planned CEO Leadership Transition And Strategic Reorganization To Support Long-Term Business Growth And Maturation Into A Commercial Biopharmaceutical Co; Conley Chee, CCO And CBO, To succeed Nancy Simonian, M.D. As CEO; Effective Dec 1
Portfolio Pulse from Benzinga Newsdesk
Syros Pharmaceuticals (NASDAQ:SYRS) announced a strategic realignment and CEO transition. Conley Chee, CCO and CBO, will succeed Nancy Simonian as CEO, effective December 1, 2023. The company plans a workforce reduction of approximately 35% to focus on late-stage development of tamibarotene in MDS and AML. Syros will stop further investment in SY-2101 due to capital constraints. The company is preparing to report initial data from SELECT-AML-1 later this year and pivotal data from SELECT-MDS-1 next year.
October 02, 2023 | 12:49 pm
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Syros Pharmaceuticals is undergoing a strategic realignment and CEO transition, with a focus on the development of tamibarotene. The company is also planning a workforce reduction of 35% and will stop further investment in SY-2101.
The news of a CEO transition and strategic realignment could cause uncertainty among investors, potentially impacting the stock price. However, the focus on tamibarotene, a promising drug in late-stage development, could be seen as a positive move. The planned workforce reduction and halt in SY-2101 investment are cost-saving measures, but could also be viewed negatively due to the potential impact on the company's growth and product pipeline.
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