Shares of Syros Pharmaceuticals took a nosedive after the biopharmaceutical company made some significant announcements. Not only is the company planning to lay off more than one-third of its staff, but its chief executive officer has also decided to step down.
Stock Plummets as Challenges Mount
As a result of these developments, the stock price plummeted by 18.61% to $3.22 during Monday afternoon trading. This year alone, shares have declined by 10.45%. These figures emphasize the tough times that lie ahead for Syros Pharmaceuticals.
Focus Shifts Towards Key Drug Candidate
The company, headquartered in Cambridge, Massachusetts, revealed that it intends to reduce its workforce by 35% in order to streamline its operations and concentrate on its crucial drug candidate, tamibarotene. Currently, Syros employs a total of 117 individuals.
Executive Reshuffling
In addition to the staff cuts, Syros Pharmaceuticals also made an important leadership change. Founding CEO Nancy Simonian has decided to retire, although she will continue serving as a member of the board. Taking her place as the CEO on December 2nd will be Conley Chee, who currently holds the position of Chief Commercial and Business Officer.
Furthermore, Eric Olson, who has served as the company's chief scientific officer since 2013, will be leaving his post on October 16th.
Adjusting Priorities
Alongside these changes, Syros Pharmaceuticals has made the decision to discontinue further investment in the development of SY-2101 for the treatment of newly diagnosed acute promyelocytic leukemia. Additionally, all preclinical and discovery-stage programs will also be terminated.
These measures are aimed at refocusing the company's efforts on its key drug candidate and ensuring a more streamlined approach moving forward.
