Syros Announces Pricing of $70 Million Concurrent Public Offerings

Syros Pharmaceuticals (NASDAQ: SYRS), a leader in the development of
medicines that control the expression of genes, today announced that it
has priced its concurrent underwritten public offerings of (i) 8,667,333
shares of its common stock and accompanying Class A warrants to purchase
up to 1,951,844 shares of its common stock, at a combined price to the
public of $7.50 per common share and accompanying Class A warrant and
(ii) 666 shares of its Series A convertible preferred stock, which are
convertible into 666,000 shares of its common stock, and accompanying
Class A warrants to purchase up to 166,500 shares of its common stock,
at a combined price to the public of $7,500 per Series A share and
accompanying Class A warrant. Each Class A warrant will have an exercise
price of $8.625 per share and will expire 3.5 years from the date of
issuance. The Class A warrants sold in each offering will have the same
terms. The gross proceeds of the offerings are expected to be
approximately $70 million, prior to deducting the underwriting discounts
and estimated offering expenses.

The offerings are expected to close on or about April 9, 2019, subject
to customary closing conditions.

Cowen and Piper Jaffray & Co. are acting as joint book-running managers
for the offerings. JMP Securities is acting as lead manager and Roth
Capital Partners is acting as co-manager.

The securities are being offered by Syros pursuant to a shelf
registration statement that was filed with the Securities and Exchange
Commission (“SEC”) on July 20, 2017 and declared effective by the SEC on
July 31, 2017. The offerings are being made only by means of the
prospectuses and prospectus supplements that form a part of the
registration statement.

Copies of the final prospectus supplements and the accompanying
prospectuses relating to each offering will be filed with the SEC and
will be available on the SEC’s website at www.sec.gov.
When available, copies can also be obtained from Cowen and Company, LLC,
c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY
11717, Attention: Prospectus Department, or by telephone at (631)
274-2806; or Piper Jaffray & Co., Attention: Prospectus Department, 800
Nicollet Mall, J12S03, Minneapolis, MN 55402, or by telephone:
800-747-3924, or by email: [email protected].

This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.

About Syros Pharmaceuticals

Syros is pioneering the understanding of the non-coding regulatory
region of the genome to advance a new wave of medicines that control the
expression of genes. Syros has built a proprietary platform that is
designed to systematically and efficiently analyze this unexploited
region of DNA to identify and drug novel targets linked to genomically
defined patient populations. Because gene expression is fundamental to
the function of all cells, Syros’ gene control platform has broad
potential to create medicines that achieve profound and durable benefit
across a range of diseases. Syros is currently focused on cancer and
monogenic diseases and is advancing a growing pipeline of gene control
medicines. Syros’ lead drug candidates are SY-1425, a selective RARα
agonist in a Phase 2 clinical trial for genomically defined subsets of
patients with acute myeloid leukemia, and SY-1365, a selective CDK7
inhibitor in a Phase 1 clinical trial focused on patients with ovarian
and breast cancers. Syros is also developing a deep preclinical and
discovery pipeline, including SY-5609, an oral CDK7 inhibitor, as well
as programs in immuno-oncology and sickle cell disease. Led by a team
with deep experience in drug discovery, development and
commercialization, Syros is located in Cambridge, Mass.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995, such as
those, among others, relating to Syros’ plans regarding the offerings.
The words ‘‘anticipate,’’ ‘‘believe,’’ ‘‘continue,’’ ‘‘could,’’
‘‘estimate,’’ ‘‘expect,’’ ‘‘intend,’’ ‘‘may,’’ ‘‘plan,’’ ‘‘potential,’’
‘‘predict,’’ ‘‘project,’’ ‘‘target,’’ ‘‘should,’’ ‘‘would,’’ and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these identifying
words. Actual results or events could differ materially from the plans,
intentions and expectations disclosed in these forward-looking
statements as a result of various important factors, including, without
limitation, risks and uncertainties related to the satisfaction of
customary closing conditions related to the offerings and the impact of
general economic, industry or political conditions in the United States
or internationally. Additional risks and uncertainties relating to the
offerings, Syros and its business can be found under the caption “Risk
Factors” in Syros’ Annual Report on Form 10-K for the year ended
December 31, 2018, Syros’ preliminary prospectus supplements filed with
the SEC on April 4, 2019; and risks described in other filings that
Syros makes with the Securities and Exchange Commission in the future.
Any forward-looking statements contained in this press release speak
only as of the date hereof, and Syros expressly disclaims any obligation
to update any forward-looking statements, whether because of new
information, future events or otherwise.

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