Notable Labs Announces CEO Transition
Notable Labs (Nasdaq: NTBL) announced a significant leadership change as CEO Thomas A. Bock, MD, resigned from his position and the Board of Directors. Joseph Wagner, PhD, the company's Chief Scientific Officer, has been appointed as interim CEO. The Board has initiated a search for Dr. Bock's successor.
Under Dr. Bock's leadership, Notable Labs transformed from a private diagnostic start-up to a publicly-traded clinical-stage company focused on Predictive Medicine. The company remains committed to its plans, including the initiation of the Phase 2 clinical program for volasertib in the coming months. Dr. Bock will continue as a consultant, advising the Board and offering expertise on the company's next phase.
Notable Labs (Nasdaq: NTBL) ha annunciato un significativo cambio al vertice, poiché il CEO Thomas A. Bock, MD, si è dimesso dalla sua posizione e dal Consiglio di Amministrazione. Joseph Wagner, PhD, il Chief Scientific Officer dell'azienda, è stato nominato CEO ad interim. Il Consiglio ha avviato una ricerca per il successore del Dr. Bock.
Sotto la guida del Dr. Bock, Notable Labs si è trasformata da una start-up diagnostica privata a una società in fase clinica quotata in borsa focalizzata sulla Medicina Predittiva. L'azienda rimane impegnata nei suoi obiettivi, inclusa l'iniziativa del programma clinico di fase 2 per volasertib nei prossimi mesi. Il Dr. Bock continuerà come consulente, consigliando il Consiglio e offrendo la sua esperienza sulla prossima fase dell'azienda.
Notable Labs (Nasdaq: NTBL) anunció un cambio de liderazgo significativo, ya que el CEO Thomas A. Bock, MD, renunció a su puesto y al Consejo de Directores. Joseph Wagner, PhD, el Director Científico de la empresa, ha sido nombrado CEO interino. El Consejo ha iniciado la búsqueda del sucesor del Dr. Bock.
Bajo el liderazgo del Dr. Bock, Notable Labs se transformó de una start-up diagnóstica privada a una empresa en etapa clínica cotizada en la bolsa centrada en Medicina Predictiva. La empresa sigue comprometida con sus planes, incluida la iniciativa del programa clínico de fase 2 para volasertib en los próximos meses. El Dr. Bock continuará como consultor, aconsejando al Consejo y ofreciendo su experiencia en la próxima fase de la empresa.
Notable Labs (Nasdaq: NTBL)는 CEO인 Thomas A. Bock, MD가 사임했다고 발표하며 중요한 경영진 교체를 알렸습니다. 회사의 최고 과학 책임자 Joseph Wagner, PhD가 임시 CEO로 임명되었습니다. 이사회는 Bock 박사의 후임자를 찾기 시작했습니다.
Bock 박사의 리더십 아래에서 Notable Labs는 개인 진단 스타트업에서 예측 의학에 중점을 둔 상장된 임상 단계 회사로 변모했습니다. 회사는 앞으로 몇 달 내에 volasertib에 대한 2상 임상 프로그램 시작을 포함하여 계획에 계속 전념하고 있습니다. Bock 박사는 계속해서 자문 역할을 하며 이사회에 조언하고 회사의 다음 단계에 대한 전문 지식을 제공합니다.
Notable Labs (Nasdaq: NTBL) a annoncé un changement de direction significatif, car le PDG Thomas A. Bock, MD, a démissionné de son poste et du conseil d'administration. Joseph Wagner, PhD, le directeur scientifique de l'entreprise, a été nommé PDG par intérim. Le conseil a lancé une recherche pour le successeur du Dr Bock.
Sous la direction du Dr Bock, Notable Labs est passée d'une start-up de diagnostic privée à une société clinique cotée en bourse axée sur la Médecine Prédictive. L'entreprise se tient à ses plans, y compris l'initiation du programme clinique de phase 2 pour volasertib dans les mois à venir. Le Dr Bock continuera en tant que consultant, conseillant le conseil d'administration et offrant son expertise sur la prochaine phase de l'entreprise.
Notable Labs (Nasdaq: NTBL) kündigte einen bedeutenden Führungswechsel an, da CEO Thomas A. Bock, MD, zurückgetreten ist von seiner Position und dem Vorstand. Joseph Wagner, PhD, der Chief Scientific Officer des Unternehmens, wurde als interimistischer CEO ernannt. Der Vorstand hat die Suche nach Dr. Bocks Nachfolger eingeleitet.
Unter Dr. Bocks Leitung hat sich Notable Labs von einem privaten Diagnostik-Start-up in ein börsennotiertes Klinikunternehmen entwickelt, das sich auf Prädiktive Medizin konzentriert. Das Unternehmen bleibt seinen Plänen verpflichtet, einschließlich der Einführung des klinischen Programms der Phase 2 für Volasertib in den kommenden Monaten. Dr. Bock wird weiterhin als Berater tätig sein, die Vorstand beraten und seine Expertise für die nächste Phase des Unternehmens einbringen.
- Appointment of Joseph Wagner, PhD, as interim CEO ensures leadership continuity
- Planned initiation of volasertib Phase 2 program in the coming months
- Former CEO Thomas Bock to continue as a consultant, providing expertise and guidance
- Resignation of CEO Thomas A. Bock may create short-term leadership uncertainty
- Potential disruption in company strategy during CEO transition period
The CEO transition at Notable Labs is a neutral event for investors. While leadership changes can create uncertainty, the appointment of the CSO as interim CEO suggests continuity in the company's scientific direction. The affirmation of plans to initiate the volasertib Phase 2 program in the coming months is reassuring, indicating that the company's key clinical development timeline remains on track. However, investors should monitor the CEO search process closely, as the choice of a permanent successor could significantly impact the company's future strategy and execution. The market's reaction to this news will likely be muted, barring any unexpected developments in the CEO search or clinical program timeline.
From an oncology perspective, Notable Labs' commitment to continue its volasertib Phase 2 program is encouraging. The company's focus on using its Predictive Medicine Platform (PMP) in acute myeloid leukemia (AML) treatment represents an innovative approach in precision oncology. The re-designed volasertib development program, which integrates biology and technology through enhanced trial design and PMP utilization, has the potential to improve treatment outcomes for AML patients. This approach aligns with the growing trend of personalized medicine in oncology. However, the success of this program will heavily depend on the execution of the clinical trials and the effectiveness of the interim leadership in maintaining the company's scientific momentum.
The CEO transition at Notable Labs appears to be well-managed from a corporate governance standpoint. The immediate appointment of an interim CEO from within the company (the CSO) ensures leadership continuity and demonstrates the board's preparedness for such events. The outgoing CEO's commitment to continue as a consultant suggests a smooth handover process. The board's initiation of a formal search process for a permanent successor is a positive sign of their proactive approach. However, investors should pay attention to the duration of the CEO search and the profile of the eventual appointee, as these factors can significantly impact the company's strategic direction and stakeholder confidence. The board's effectiveness in managing this transition will be important for maintaining investor trust and operational stability.
Thomas Bock, MD resigns as CEO; Joseph Wagner, PhD, CSO, appointed interim CEO
Company affirms plan to initiate volasertib Phase 2 program in the coming months
FOSTER CITY, Calif., Aug. 26, 2024 (GLOBE NEWSWIRE) -- Notable Labs, Ltd. (Nasdaq: NTBL) (“Notable”, “Notable Labs” or the “Company”), a clinical-stage precision oncology company developing new cancer therapies identified by its Predictive Medicine Platform (PMP), announced that Thomas A. Bock, MD has resigned from his positions as Chief Executive Officer (CEO) and member of the Board of Directors of the Company, effective today.
Joseph Wagner, PhD, the Company’s Chief Scientific Officer (CSO), has been appointed as interim CEO. The Board of Directors has initiated a search process for Dr. Bock’s successor.
“On behalf of the Board and the entire Notable team, I want to extend our deepest gratitude to Thomas for his visionary leadership and tireless dedication to the Company. Under his leadership, Notable transformed from a private diagnostic start-up to a publicly-traded clinical-stage therapeutic-focused leader in Predictive Medicine and delivered industry-leading results from platform-validating clinical trials in hematologic cancers. We are confident that the strong foundation Thomas built will lead to continued progress, starting with the initiation of the Phase 2 clinical program for volasertib, expected in the coming months,” said Tuomo Pätsi, Chairman of the Board. “As we search for Thomas’ successor, we look forward to working with Joe to continue Notable’s work to revolutionize the use of predictive medicine in cancer care.”
“I am especially proud of Notable’s world-class team and how far the Company has come in developing PMP as a novel precision medicine tool. I believe the re-designed volasertib development program, which merges biology and technology through enhanced trial design and the use of PMP, has the potential to improve treatment outcomes for patients with AML,” said Dr. Bock. “With our FDA-cleared Phase 2 program nearing significant clinical milestones, I am optimistic for Notable’s future and thankful to our team, Board, investors, advisors, and all partners for their shared commitment and the sense of urgency that patients deserve.”
Dr. Bock will continue as a consultant to the Company, advising the Board of Directors and offering his expertise and guidance on the Company’s next phase.
About Volasertib
Volasertib is a PLK-1 inhibitor with demonstrated activity in AML and other tumor types, including solid tumors, with significant unmet medical need. Building on the performance of volasertib on PMP, an important and proprietary step during Notable’s targeted in-licensing strategy and decision making, Notable will utilize its PMP to predict volasertib-responsive patients prior to their treatment, with the goal of selectively enrolling and treating those predicted responders, increasing volasertib’s response rates and overall patient outcomes, and fast-tracking volasertib’s remaining clinical development in this patient population. Volasertib was originally developed and manufactured by Boehringer Ingelheim and previously granted Breakthrough Therapy designation by the FDA. Notable in-licensed volasertib and obtained exclusive worldwide development and commercialization rights, except for certain rare pediatric cancers.
About Notable Labs, Ltd.
Notable Labs, Ltd. is a clinical-stage platform therapeutics company developing predictive medicines for patients with cancer. Through its proprietary Predictive Medicine Platform (PMP), Notable aims to predict whether or not a patient is likely to respond to a specific therapeutic. The PMP is designed to identify and select clinically responsive patients prior to their treatment, potentially fast-tracking clinical development. By continually advancing and expanding the reach of the PMP across diseases and predicted medical outcomes, Notable aims to be the leader in predictive medicine and revolutionize the way patients seek and receive treatments that work best for them.
Notable believes it has created a targeted and de-risked in-licensing strategy to deliver a product’s medical impact and commercial value faster, with a greater likelihood of success, than traditional drug development. By transforming historical standards of care, Notable aims to create a dramatically positive impact for patients and the healthcare community. Notable is headquartered in Foster City, California. Learn more at our website and follow us @notablelabs.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, express or implied statements regarding Notable’s future operations and goals; the potential benefits of any therapeutic candidates or platform technologies of Notable; the timing of any clinical milestones of Notable’s therapeutic candidates; the cash runway of the company; and other statements that are not historical fact. All statements other than statements of historical fact contained in this communication are forward-looking statements. These forward-looking statements are made as of the date they were first issued, and are based on the then-current expectations, estimates, forecasts, and projections, as well as the beliefs and assumptions of management. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Notable’s control. Notable’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to (i) uncertainties associated with Notable’s platform technologies, as well as risks associated with the clinical development and regulatory approval of product candidates, including potential delays in the commencement, enrollment and completion of clinical trials; (ii) risks related to the inability of Notable to obtain sufficient additional capital to continue to advance these product candidates and any preclinical programs; (iii) uncertainties in obtaining successful clinical results for product candidates and unexpected costs that may result therefrom; (iv) risks related to the failure to realize any value from product candidates and preclinical programs being developed and anticipated to be developed in light of inherent risks and difficulties involved in successfully bringing product candidates to market; (v) risks associated with Notable’s future financial and operating results, including its ability to become profitable; (vi) Notable’s ability to retain key personnel; (vii) Notable’s ability to manage the requirements of being a public company; (viii) uncertainties relating to the Israel-Hamas war; (ix) Notable’s ability to obtain orphan drug designation, and the associated benefits, for any of its drug candidates; (x) Notable’s inability to obtain regulatory approval for any of its drug candidates; and (xi) changes in, or additions to international, federal, state or local legislative requirements, such as changes in or additions to tax laws or rates, pharmaceutical regulations, and other regulations. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties. These and other risks and uncertainties are more fully described in periodic filings with the U.S. Securities and Exchange Commission (“SEC”), including the factors described in the section titled “Risk Factors” in the Annual Report on Form 10-K of Notable Labs, Ltd. for the year ended December 31, 2023 as filed with the SEC, and in other subsequent filings with the SEC. You should not place undue reliance on these forward-looking statements, which are made only as of the date hereof or as of the dates indicated in the forward-looking statements. Notable expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
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FAQ
Why did Thomas Bock resign as CEO of Notable Labs (NTBL)?
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