Kronos Bio has announced the appointment of Deborah Knobelman as president and interim chief executive officer, effective from 3 December 2024.
Dr Knobelman will also become principal executive and financial and accounting officer.
The company has also disclosed a significant workforce reduction, aiming to cut 83% of its employees by the end of 2024.
The decision is part of Kronos Bio’s ongoing strategy to reduce costs while evaluating different options to enhance stockholder value. These options may include potential business combinations or the divestiture of its internally developed preclinical assets.
Dr Knobelman said: “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.
“I look forward to working closely with the board of directors as we pursue the optimal path forward for the company.”
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Knobelman takes over from Norbert Bischofberger, who will step down from his position as president and CEO on the same date.
Despite his departure from executive duties, Dr Bischofberger will remain on the board of directors and continue to serve as an advisor to the company.
Kronos Bio board chair Arie Belldegrun stated: “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.
“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.”
In July 2024, Kronos Bio reported the dosing of the first subject in an expansion cohort for KB-0742. Administered at a dose of 80mg on a four-days-on, three-days-off schedule, this cohort targets platinum-resistant subjects with high-grade serous ovarian cancer (HGSOC).
HGSOC is particularly sensitive to cyclin-dependent kinase 9 (CDK9) inhibition due to myelocytoma amplification or overexpression and homologous recombination deficiencies.
Headquartered in California, Kronos Bio is focused on developing small molecule therapeutics that target deregulated transcription, a common feature in cancer and autoimmune diseases.
The company has a research facility in Cambridge, Massachusetts.
