By Josh Beckerman
Syros Pharmaceuticals said it plans to wind down its operations, according to a Securities and Exchange Commission filing.
The Cambridge, Mass., company said it would proceed with a voluntary delisting from Nasdaq.
Syros shares last traded at 14 cents, down 0.8%. The stock was halted due to pending news.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
By Josh Beckerman
Syros Pharmaceuticals, which said in November it would cut most of its workforce, said on Friday it will wind down operations.
The company's stock dropped 45% to 8 cents in after-hours trading. Through the market's close shares have plunged 98% in the last year.
Syros is voluntarily delisting its stock from Nasdaq.
The company said in November that it planned to reduce its workforce by about 94% after a Phase 3 study of tamibarotene failed to meet its primary endpoint.
The failure constituted an event of default under its secured loan facility with Oxford Finance LLC. Syros said that it agreed to operate its business as a wind-down and limit its expenditures in accordance with a budget approved by Oxford.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
February 28, 2025 17:27 ET (22:27 GMT)
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