Y-mAbs CFO Resigns, Shares Drop 6.0%

Y-mAbs Therapeutics, Inc. has announced the resignation of its Chief Financial Officer, Bo Kruse, who has been with the company since its inception in April 2015. The company has initiated the search for a successor to Mr. Kruse, who will stay in the role until a replacement is found and will then continue as a non-executive employee until July 31, 2024, to ensure a smooth transition.

Under Mr. Kruse's leadership, Y-mAbs has achieved significant financial milestones, leaving the company in a strong position for future growth. The company's President and CEO, Michael Rossi, expressed gratitude for Mr. Kruse's dedication and responsible capital management during the company's growth journey.

Thomas Gad, the founder, vice-chairman of the board of directors, and chief business officer, also acknowledged Mr. Kruse's instrumental role in building Y-mAbs into a financially independent commercial-stage company.

Mr. Kruse expressed confidence in Y-mAbs' future plans, particularly regarding the advancement of its novel pretargeted radioimmunotherapy technology platform and programs through clinical development. He mentioned that it has been an honor and privilege to serve as the company's CFO and that he looks forward to following the company’s success.

Y-mAbs Therapeutics focuses on the development and commercialization of novel radioimmunotherapy and antibody-based therapeutic cancer products. The company's product pipeline includes the FDA-approved anti-GD2 therapy Danyelza® (naxitamab-gqgk), designed for patients with relapsed or refractory high-risk neuroblastoma in the bone or bone marrow after a partial response, minor response, or stable disease to prior therapy.

The departure of Mr. Kruse marks a significant change in the company's leadership, and his successor will be expected to maintain and build upon the financial stewardship that has contributed to Y-mAbs' growth and success.

As a result of these announcements, the company's shares have moved -6.0% on the market, and are now trading at a price of $14.89. For more information, read the company's full 8-K submission here.

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