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FOSTER CITY, Calif. - Notable Labs, Ltd. (NASDAQ:NTBL), a clinical-stage precision oncology company, announced today the resignation of its Chief Executive Officer, Thomas A. Bock, MD, who also stepped down from the Board of Directors. Dr. Joseph Wagner, the company's Chief Scientific Officer, has been appointed as interim CEO while the Board conducts a search for a permanent successor.
Dr. Bock's departure is effective immediately, and he will continue to serve as a consultant to the company. During his tenure, Dr. Bock led Notable Labs' transition from a private diagnostic start-up to a publicly-traded company focused on therapeutic development, particularly in hematologic cancers. The company credits him with achieving key milestones and setting a strong foundation for future progress.
The company also reaffirmed its commitment to advancing its Predictive Medicine Platform (PMP) with the upcoming initiation of a Phase 2 clinical program for volasertib, a PLK-1 inhibitor with activity in acute myeloid leukemia (AML) and other tumor types. Notable Labs aims to use the PMP to identify patients likely to respond to volasertib, potentially improving patient outcomes and accelerating the drug's clinical development.
Volasertib has previously received Breakthrough Therapy designation from the FDA and was in-licensed by Notable Labs, which now holds exclusive worldwide development and commercialization rights, excluding certain rare pediatric cancers. The drug's development program has been redesigned to integrate biology and technology, leveraging the PMP for enhanced trial design and patient selection.
Chairman of the Board, Tuomo Pätsi, expressed gratitude to Dr. Bock for his visionary leadership and dedication, and confidence in the company's path forward under interim CEO Dr. Wagner.
This announcement is based on a press release statement from Notable Labs and contains forward-looking statements regarding the company's operations and goals, including the potential benefits of its therapeutic candidates and platform technologies, as well as the timing of clinical milestones for its therapeutic candidates. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
In other recent news, Notable Labs, a precision oncology company, has received FDA clearance to advance its Phase 2 clinical trial of volasertib, a therapeutic treatment for patients with relapsed refractory acute myeloid leukemia (R/R AML). This development follows the agreement on the dosing plan and the trial is set to begin enrollment soon. The study aims to address the needs of patients who have not responded to first-line treatments, including venetoclax-based therapies.
The design of the trial draws on clinical validation trials and data from the drug's originator, Boehringer Ingelheim. Notable Labs plans to selectively enroll patients predicted to respond to treatment, using its Predictive Medicine Platform. The company anticipates initial data from the dose optimization phase by the fourth quarter of 2024, with initial efficacy results expected in the first half of 2025.
Volasertib, a PLK-1 inhibitor, has shown activity in AML and other tumor types. Notable Labs holds exclusive worldwide development and commercialization rights for volasertib, excluding certain rare pediatric cancers. These developments are part of the company's targeted in-licensing strategy, aiming to predict patient responses to therapies and fast-track clinical development.
InvestingPro Insights
In the midst of leadership changes at Notable Labs, Ltd. (NASDAQ:NTBL), investors and stakeholders are closely monitoring the company's financial health and market performance. With a market capitalization of just $5.6 million, Notable Labs is navigating through a challenging period, as reflected by the significant price drop over the past year, with the stock down approximately 86.49%. This decline is consistent with the six-month price total return, which shows a decrease of 56.13%.
Analysing the company's financials, Notable Labs has not been profitable over the last twelve months, which is a point of concern for investors. The company's revenue growth, however, paints a different picture, boasting an impressive 3812.5% increase, indicating a potential turnaround or growth phase. This could be a critical factor for investors considering the future prospects of Notable Labs, especially as it advances its Predictive Medicine Platform and the Phase 2 clinical program for volasertib.
Two notable InvestingPro Tips for Notable Labs highlight the company's financial position: firstly, Notable Labs holds more cash than debt on its balance sheet, which provides a cushion for operational needs and strategic initiatives. Secondly, despite the company's liquid assets exceeding short-term obligations, it is quickly burning through cash, which could impact its ability to sustain long-term growth without additional financing or revenue generation. For investors seeking a deeper dive into the company's financials and strategic outlook, there are 7 additional InvestingPro Tips available on the platform.
As the company looks to its future under new leadership, these financial insights and InvestingPro Tips can serve as valuable tools for investors to assess the potential risks and opportunities associated with Notable Labs. For more detailed analytics and tips, visit InvestingPro at https://www.investing.com/pro/NTBL.
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