Syros Pharmaceuticals Faces Financial Struggles Amid Key Challenges

Syros Pharmaceuticals ( (SYRS) ) has shared an announcement.

Syros Pharmaceuticals faces significant challenges as it terminates its collaboration with QIAGEN, following the failure of its SELECT-MDS-1 Phase 3 trial to meet key endpoints. This resulted in a default under its Loan Agreement with Oxford Finance, demanding nearly $43.7 million repayment. In response, Syros has initiated a drastic workforce reduction of 94% to curb costs and maximize stakeholder value, highlighting its ongoing financial struggles.

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