Syros Pharmaceuticals amends loan with Oxford, extends maturity

By Mary-Katherine Stinson

Lexington, Ky., July 5 – Syros Pharmaceuticals, Inc. amended its senior secured loan facility with Oxford Finance LLC to extend the interest-only payment period and the maturity date, according to a press release Tuesday.

The amendment will extend the interest-only payment period by one year to March 1, 2024 and, upon the achievement of certain milestones, to Sept. 1, 2024.

The amendment will also extend the maturity date of the facility by one year to Feb. 1, 2026 and, upon the achievement of certain milestones, to Aug. 1, 2026.

The company announced a planned merger with TYME Technologies, Inc. on Tuesday. With the announcement of the merger, the company announced $130 million in PIPE financing.

With the PIPE financing and the amendment to the debt agreement Syros’ total cash balance is expected to be approximately $240 million. The company states this is sufficient to fund planned operating expenses and capital expenditure requirements into 2025.

Syros Pharmaceuticals is a Cambridge, Mass.-based biopharmaceutical company focused on the development of medicines to control the expression of genes.

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