By Syros Pharmaceuticals, a leading biopharmaceutical company based in Cambridge, Massachusetts, has announced a series of strategic changes aimed at enhancing its focus on the development of its key drug candidate, tamibarotene. As part of this realignment, the company plans to reduce its workforce by 35%.
In addition to this restructuring, Syros Pharmaceuticals also shared that Nancy Simonian, its current chief executive, will be retiring at the end of the year. The company has appointed Conley Chee, who currently serves as the chief commercial and business officer, as the new CEO effective December 2.
The primary objective of these changes is to prioritize the development and pre-launch activities related to tamibarotene. Syros Pharmaceuticals aims to advance the drug candidate for the frontline treatment of higher-risk myelodysplastic syndrome and acute myeloid leukemia.
As part of the refocus strategy, the company has made the decision to discontinue further investment in the development of SY-2101, which was being investigated for the treatment of newly diagnosed acute promyelocytic leukemia. Additionally, Syros Pharmaceuticals will also halt its preclinical and discovery-stage programs.
Alongside these organizational changes, Eric Olson, who has been serving as the company’s chief scientific officer since 2013, will be leaving Syros Pharmaceuticals effective October 16.
Despite these transitions, Nancy Simonian will continue to contribute her expertise as a member of the board.
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