Syros Pharmaceuticals Stock Sinks As Pivotal Blood Cancer Trial Flunks, Triggers Loan Default

Core Insights - Syros Pharmaceuticals Inc's SELECT-MDS-1 Phase 3 trial of tamibarotene did not meet its primary endpoint of complete response rate in patients with higher-risk myelodysplastic syndrome [1][3] - The trial involved tamibarotene in combination with azacitidine, showing a complete response rate of 23.8% in the treatment arm versus 18.8% in the control arm, which was not statistically significant [2] - The failure of the trial constitutes an event of default under the company's secured loan facility with Oxford Finance [3] Company Response - The CEO of Syros expressed disappointment over the trial outcome and indicated plans to stop the study and review clinical data for future steps [4] - The company previously discontinued enrollment in the SELECT-AML-1 Phase 2 trial due to low probability of success in demonstrating superiority [4][5] Market Impact - Following the trial results, Syros stock experienced a significant decline of 86.43%, trading at 37 cents [5]