By Connor Hart
Black Diamond Therapeutics will cut jobs as part of a restructuring plan to extend its cash runway into the second quarter of 2026.
As part of that effort, the Cambridge, Mass., clinical-stage oncology company on Monday named Erika Jones as its principal financial officer.
Jones, who most recently served as senior vice president of finance and principal accounting officer, succeeds Fang Ni, who was terminated from his roles as both chief business officer and chief financial officer.
Ni will remain with the company in an advisory role until Jan. 7, during which time he won't be compensated, according to a Securities and Exchange Commission filing. He is entitled to receive severance benefits.
Chief People Officer Elizabeth Montgomery is also leaving the company.
Black Diamond said it has taken steps to optimize its operations, a move that included job cuts. The company didn't say how many workers would be let go, but that cost savings from the restructuring are expected to fund its operations into the second quarter of 2026.
The company will also switch focus to the development of its lead program, BDTX-1535, which it said has demonstrated the potential to treat patients with recurrent non-small cell lung cancer. The company plans to share data from a clinical study of the treatment in the first quarter.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
October 07, 2024 16:36 ET (20:36 GMT)
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