Syros Pharmaceuticals shares dropped on Monday after a series of shakeups at the biotech company.
The firm is saying goodbye to its CEO, Nancy Simonian, who will retire by the end of the year, and chief scientific officer Eric Olsen.
Along with the executive departures, Cambridge-based Syros will cut its workforce by 35%.
The changes come after Incyte terminated a five-year collaboration with Syros in August, followed by Pfizer discontinuing a sickle cell program earlier this year, both of which had adverse impacts on Syros.
Syros Pharmaceuticals will now channel its efforts into tamibarotene, with an upcoming Phase 2 readout in AML later this year and a pivotal Phase 3 readout for HR-MDS next year.
The decision to streamline its workforce and suspend investment in certain programs highlights the company's commitment to expediting the development of tamibarotene.
Founded in 2011, the company operates in the field of drug discovery and development, with a focus on gene control therapies for various diseases, particularly cancer and other genetic disorders.
Conley Chee, currently serving as Chief Commercial Officer and Chief Business Officer, will take the helm starting December 2.
Shares of Syros closed nearly 20% lower at $3.18 on Monday.