Tony Tontat has resigned as the CFO of Kiromic BioPharma. Dan Clark, VP of Finance, has been appointed interim CFO.
Kiromic is a gene-editing company that is focused on solid cancers. It was formed in 2006 but doesn’t have any revenues yet. The company is based in the Texas Medical Center.
It went public via an Initial Public Offering in October 2020. The IPO raised $15 million at $12 per share.
The company raised a further $40 million at $5 per share in July. The company planned to use the second raise for clinical trials for two drugs that were expected to be approved by the FDA (Food and Drug Administration). Instead, the FDA responded two weeks later with further questions on the initial applications, causing a delay in the trials. The share price plunged and is now $1.94.
Mr. Tontat, who is based in Florida, had served as the CFO since October 2019 and also served as the Chief Operating Officer from August 2019 to April 2021. He was paid $300,000.
Mr. Clark joined the company in February 2020 as its Corporate Controller. Prior to that, he worked for consulting firms The Siegfried Group and FTI Consulting. He started his career at KPMG.