Notable Labs Pauses Implementation of Cancer Drug Volasertib Study, Announces Layoffs

Dow Jones

2024/09/20

By Stephen Nakrosis

Notable Labs said it is pausing implementation of the planned Phase 2 study of cancer drug Volasertib in relapsed/refractory acute myeloid leukemia.

The biotechnology company also said Thursday it will reduce its workforce and outside consultants by approximately 65%.

The decisions, which will conserve cash, follow the board's approval of a streamlined operating plan which includes exploring strategic alternatives, according to the company.

Notable expects to incur about $100,000 in total charges related to the reduction in force.

Following the announcement, the company's shares rose in the after-hours market, gaining 5% to trade at 50 cents. They closed the day's regular trading session at 47 cents, gaining 5.5%.

Last month, the company named Joseph Wagner as its interim chief executive. Wagner succeeded Thomas Bock, who will continue to serve as a consultant.

Notable has initiated a search for a permanent CEO.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

September 19, 2024 17:44 ET (21:44 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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