Notable Labs Files for Chapter 7 Bankruptcy

Dow Jones

15 Oct 2024

By Stephen Nakrosis

Biotechnology company Notable Labs said Tuesday it had voluntarily filed for chapter 7 bankruptcy and will liquidate.

The company said its decision comes after considering strategic alternatives.

Last month, the company said it would pause implementation of a planned Phase 2 study of cancer drug Volasertib in relapsed/refractory acute myeloid leukemia. The company also said it was reducing its workforce and outside consultants by approximately 65%.

Notable said the court would appoint a trustee to administer the bankruptcy estates, adding the company and its subsidiaries will be liquidated.

Also on Tuesday, Notable said all members of its board resigned. In addition, Chief Financial Officer Scott McPherson, and Joseph Wagner, the company's chief scientific officer, were terminated, effective Oct. 8. Interim Chief Executive Officer Kaile Zagger was also terminated and will serve as an advisor to the company effective as of that date.

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

(END) Dow Jones Newswires

October 15, 2024 06:50 ET (10:50 GMT)

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

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