Notable Labs’ attempts to take a Boehringer Ingelheim cancer drug to market appear to have come to end with the oncology-focused platform company’s decision to file for bankruptcy.
Notable's main focus has been volasertib, a polo-like kinase 1 (PLK1) inhibitor licensed from Boehringer three years ago that was being lined up for a phase 2 study in acute myeloid leukemia. The idea was to use Notable’s own Predictive Medicine Platform to identify patients most likely to benefit from the drug.
Notable went public last year via a reverse merger with VBL Therapeutics. Alongside the merger, investors committed $10.3 million in a private placement, with the money originally expected to fund the merged company into 2025.
By April 2024, the money had dwindled to $8.2 million, which Notable warned would run out by the fourth quarter of this year.
With the end of the financial road fast approaching, Notable announced this morning that “after considering strategic alternatives,” the biotech had filed a voluntary petition for relief in the U.S. Bankruptcy Court for the District of Delaware over the weekend.
The company’s assets will be liquidated, while the company’s directors and C-suite are also departing, according to a Securities and Exchange Commission filing Oct. 15.
Thomas Bock, M.D., had already resigned as CEO back in August, with Chief Scientific Officer Joseph Wagner, Ph.D., stepping into the top role on an interim basis.