Kronos Bio Announces CEO Transition and Reduction in Force
Kronos Bio (NASDAQ: KRON) announced significant leadership changes and restructuring. Deborah Knobelman, Ph.D., will succeed Norbert Bischofberger, Ph.D. as President and Interim CEO effective December 3, 2024. Dr. Bischofberger will remain on the Board of Directors and serve as an advisor. The company also disclosed a major workforce reduction of approximately 83% by year-end, aligning with previously announced cost reduction strategies. The company is exploring strategic options, including potential business combinations and divestiture of preclinical assets, to maximize stockholder value.
Kronos Bio (NASDAQ: KRON) ha annunciato cambiamenti significativi nella leadership e ristrutturazione. Deborah Knobelman, Ph.D., succederà a Norbert Bischofberger, Ph.D. come Presidente e CEO ad interim a partire dal 3 dicembre 2024. Il Dr. Bischofberger rimarrà nel Consiglio di Amministrazione e servirà come consulente. L'azienda ha anche rivelato una significativa riduzione della forza lavoro di circa l'83% entro la fine dell'anno, in linea con le strategie di riduzione dei costi precedentemente annunciate. L'azienda sta esplorando opzioni strategiche, comprese potenziali combinazioni aziendali e dismissioni di attivi preclinici, per massimizzare il valore per gli azionisti.
Kronos Bio (NASDAQ: KRON) anunció cambios significativos en el liderazgo y reestructuración. Deborah Knobelman, Ph.D., sucederá a Norbert Bischofberger, Ph.D. como Presidente y CEO interino a partir del 3 de diciembre de 2024. El Dr. Bischofberger permanecerá en la Junta Directiva y actuará como asesor. La compañía también divulgó una reducción significativa de la fuerza laboral de aproximadamente el 83% para finales de año, alineándose con las estrategias de reducción de costos previamente anunciadas. La empresa está explorando opciones estratégicas, incluidas posibles combinaciones comerciales y la desinversión de activos preclínicos, para maximizar el valor para los accionistas.
Kronos Bio (NASDAQ: KRON)는 중요한 리더십 변화와 구조조정을 발표했습니다. Deborah Knobelman, Ph.D.가 Norbert Bischofberger, Ph.D.를 대신하여 2024년 12월 3일부터 사장 겸 임시 CEO가 됩니다. Bischofberger 박사는 이사회의 일원으로 남아 조언 역할을 할 것입니다. 이 회사는 또한 연말까지 약 83%의 대규모 인력 감축을 발표하며, 이는 이전에 발표된 비용 절감 전략에 부합합니다. 이 회사는 주주 가치를 극대화하기 위해 잠재적인 사업 결합과 임상 전 자산 처분을 포함한 전략적 옵션을 모색하고 있습니다.
Kronos Bio (NASDAQ: KRON) a annoncé des changements significatifs dans sa direction et une restructuration. Deborah Knobelman, Ph.D. succédera à Norbert Bischofberger, Ph.D. en tant que Présidente et PDG par intérim à compter du 3 décembre 2024. Dr. Bischofberger restera au Conseil d'Administration et servira en tant que conseiller. L'entreprise a également annoncé une réduction massive de la main-d'œuvre d'environ 83% d'ici la fin de l'année, conformément aux stratégies précédemment annoncées de réduction des coûts. L'entreprise explore également des options stratégiques, y compris des combinaisons d'entreprise potentielles et la cession d'actifs précliniques, afin de maximiser la valeur pour les actionnaires.
Kronos Bio (NASDAQ: KRON) gab bedeutende Veränderungen in der Unternehmensführung und eine Umstrukturierung bekannt. Deborah Knobelman, Ph.D. wird ab dem 3. Dezember 2024 die Nachfolge von Norbert Bischofberger, Ph.D. als Präsidentin und Interim-CEO antreten. Dr. Bischofberger wird im Vorstand bleiben und als Berater fungieren. Das Unternehmen gab ebenfalls eine bedeutende Reduzierung der Belegschaft um etwa 83% bis zum Jahresende bekannt, um die zuvor angekündigten Kostensenkungsstrategien umzusetzen. Das Unternehmen prüft strategische Optionen, darunter potenzielle Unternehmenszusammenschlüsse und die Veräußering von präklinischen Vermögenswerten, um den Aktionärswert zu maximieren.
- None.
- Massive workforce reduction of 83% by year end
- Company exploring divestiture of preclinical assets
- CEO departure signals potential instability
- Company in 'significant transition' phase requiring strategic alternatives evaluation
Insights
This significant restructuring announcement reveals severe challenges at Kronos Bio. The 83% workforce reduction signals a dramatic shift in strategy and suggests serious financial or operational difficulties. The company is actively exploring strategic alternatives, including potential business combinations and asset divestitures, indicating a possible wind-down or sale scenario. For a small-cap biotech with a market cap of
– Norbert Bischofberger, Ph.D., is stepping down from his role as President & CEO –
– Deborah Knobelman, Ph.D., COO & CFO, is named President & Interim CEO –
SAN MATEO, Calif. and CAMBRIDGE, Mass., Nov. 27, 2024 (GLOBE NEWSWIRE) -- Kronos Bio, Inc. (Nasdaq: KRON), a company developing small molecule therapeutics to address cancers and other diseases driven by deregulated transcription, today announced that its Board of Directors has appointed Deborah Knobelman, Ph.D., as President and Interim Chief Executive Officer, effective December 3, 2024. Dr. Knobelman will be the principal executive, financial and accounting officer. She is succeeding Norbert Bischofberger, Ph.D., who will step down as President & Chief Executive Officer, effective December 3, 2024. Dr. Bischofberger will remain on the Board of Directors and continue to be available to the Company as an advisor.
The Company also announced a workforce reduction of approximately 83 percent by year end as part of its previously announced plan to implement cost reduction strategies while exploring options, including possible business combinations and/or divestiture of its remaining internally developed preclinical assets, in an effort to maximize stockholder value.
“Norbert’s steadfast leadership was instrumental in the founding and building of Kronos Bio. On behalf of the Board of Directors, I would like to sincerely thank Norbert for his many contributions and his dedication to the Company and its mission,” said Arie Belldegrun, M.D., Board Chair of Kronos Bio. “We have the highest confidence in Deb’s ability to lead Kronos Bio in her new role during this time of significant transition for the Company.”
“It was a difficult decision to implement a reduction in force as we evaluate strategic alternatives for the Company. We thank our departing employees for their efforts, commitment to patients and contributions to Kronos Bio,” said Dr. Knobelman. “I look forward to working closely with the Board of Directors as we pursue the optimal path forward for the Company.”
About Kronos Bio
Kronos Bio is a biopharmaceutical company developing small molecule therapeutics to address deregulated transcription, a hallmark of cancer and autoimmune diseases. Our proprietary discovery engine decodes complex transcription factor regulatory networks to identify druggable cofactors. We screen for and optimize small molecules that target these cofactors in a disease-specific context. Kronos Bio is based in San Mateo, Calif., and has a research facility in Cambridge, Mass. For more information, visit https://www.kronosbio.com or follow the Company on LinkedIn.
Forward-Looking Statements
Statements in this press release that are not statements of historical fact are forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The press release, in some cases, uses terms such as “expect,” “plan,” “will,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Forward-looking statements include statements regarding Kronos Bio’s intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things, Kronos Bio’s plans to evaluate and explore strategic alternatives focused on maximizing stockholder value, including possible business combinations and/or divestiture of Kronos Bio’s remaining internally developed preclinical assets; the expected timing for the completion of the reduction in workforce; future employment or director relationships; the potential of Kronos Bio’s product candidates, pipeline and its proprietary discovery engine; and other statements that are not historical fact. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, including, without limitation: risks related to Kronos Bio’s business and its ongoing evaluation of strategic alternatives, including that the strategic alternative evaluation process may not result in any transaction or maximize stockholder value; changes in the macroeconomic environment or competitive landscape that impact Kronos Bio’s business; and the “at-will” nature of employment and director relationships. These and other risks are described in greater detail in Kronos Bio’s filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed with the SEC on November 13, 2024. Any forward-looking statements that are made in this press release speak only as of the date of this press release and are based on management’s assumptions and estimates as of such date. Except as required by law, Kronos Bio assumes no obligation to update the forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.
FAQ
When will Deborah Knobelman become interim CEO of Kronos Bio (KRON)?
What percentage of workforce is Kronos Bio (KRON) reducing in 2024?
What strategic options is Kronos Bio (KRON) exploring?
