SYRS - Syros acquires clinical-stage candidate for $12M; expects $90.5M of financing

Syros Pharmaceuticals (SYRS) acquires from Orsenix all of its assets related to SY-2101, formerly known as ORH-2014, an oral form of arsenic trioxide that's a candidate for treating acute promyelocytic leukemia.Syros has made an upfront cash payment of $12M; Orsenix may be eligible to receive a $6M regulatory milestone related to the development of SY-2101 in APL and commercial milestones of up to $10M.Orsenix is also eligible to receive single-digit million milestone payments related to the development of SY-2101 in indications other than APL.Following confirmation of a dose that demonstrates comparable pharmacokinetics to IV ATO, Syros intends to initiate a registration-enabling Phase 3 trial in patients with newly diagnosed APL in 2022. Syros expects that it could file a new drug application with the FDA in 2024.$90.5M strategic financing: Syros also agreed to sell equity securities in a private placement to a group of institutional accredited investors led by Bain Capital Life Sciences

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Syros acquires clinical-stage candidate for $12M; expects $90.5M of financing