Kronos Bio announced that it will lay off approximately 83% of its workforce as part of a previously announced cost-reduction strategy.
The San Mateo, CA-based Kronos is a biopharmaceutical firm that focuses on developing small-molecule therapeutics for diseases driven by deregulated transcription, including cancers and autoimmune disorders.
In a statement, Kronos Bio said that the workforce reduction would be implemented by the year's end; other cost-reduction options the firm said that it is exploring include possible business combinations and divestiture of its remaining internally developed preclinical assets. In addition, President and CEO Norbert Bischofberger, PhD, will step down effective December 3. Kronos Bio said that it has appointed Deborah Knobelman, PhD, to succeed him as president and interim CEO.
Bischofberger will remain on the board of directors and continue to serve as an adviser, Kronos Bio added.
