Syros Pharmaceuticals Inc. said it raised additional funds after underwriters of its previously announced offering exercised their overallotment option.
The company had previously issued $37.3 million worth of stock but ended up issuing another 628,272 shares at $9.55 each to raise $42.9 million in net proceeds.
All in all, the Cambridge, Mass.-based company issued 4,816,753 shares under the offering to raise funds for continued operations.
Syros develops treatments for cancer and immune-mediated diseases. Incyte Corp., an investor in the company, purchased an additional $1.4 million worth of the company's stock to maintain its holdings in the business.
J.P. Morgan Securities LLC, Cowen and Co. LLC and Piper Jaffray & Co. acted as joint book-running managers for the offering. JMP Securities LLC acted as lead manager.
