Korro Bio, Inc. (KRRO): restructuring charge — Frequency Therapeutics cuts 55% of workforce, appoints interim CEO as Lucchino takes medical leave

On February 11, 2023, the Company’s Board of Directors appointed Christopher Loose, Ph.D., as Interim Chief Executive Officer while David Lucchino, the Company’s President and Chief Executive Officer, is on a temporary medical leave of absence after being hospitalized with bacterial meningitis.

As part of the Reduction, Carl P. LeBel, Ph.D. will be stepping down as the Company’s Chief Development Officer, effective March 31, 2023.

Also on February 13, 2023, the Company announced a reduction in force (the “Reduction”) of approximately 55% of its workforce. The purpose of the Reduction, which was approved by the Board of Directors of the Company on February 11, 2023, is to better align the Company’s workforce with the needs of its business and focus more of its capital resources on its pre-clinical program for remyelination in Multiple Sclerosis (the “MS Program”). These changes will preserve capital, ensuring that the Company is appropriately resourced to complete a first clinical trial of its MS Program. The Reduction will take place in phases and be completed by April 30, 2023. The total costs related to the Reduction are estimated to be approximately $4 million in future cash outlays primarily related to severance costs and related expenses.