Atreca Announces Agreement to Terminate Lease and Departure of Chief Financial Officer Herb Cross
SAN CARLOS, Calif., Sept. 21, 2023 (GLOBE NEWSWIRE) -- Atreca, Inc. (Atreca) (NASDAQ: BCEL), a clinical-stage biotechnology company focused on developing novel therapeutics generated through a unique discovery platform based on interrogation of the active human immune response, today announced that, as part of its ongoing efforts to lower operating expenses, the Company has entered into an agreement to terminate its lease agreement pertaining to the Company's headquarters in San Carlos, CA, which represented approximately $13 million of annual expenditures. In addition, Herb Cross, Chief Financial Officer, will depart the Company on September 22, 2023, to pursue an external opportunity. Mr. Cross will continue to support the Company as a consultant through the first quarter of 2024. John Orwin, Chief Executive Officer of the Company, will assume the role of principal financial officer and Rick Ruiz, Vice President, Finance of the Company, will assume the role of principal accounting officer going forward.
“I’d like to thank Herb for his service to Atreca over the last five years. His experience and financial stewardship have been crucial to the management of Atreca’s operations since before our initial public offering, and we wish him luck in his future endeavors,” said Mr. Orwin. “The agreement to terminate our lease agreement dramatically reduces our ongoing operating expenses and helps to extend our cash runway through the first quarter of 2024. Alexandria Real Estate Equities has been an excellent real estate partner for Atreca and we are extremely grateful for their willingness to help us to address this significant obligation, which will facilitate the Company’s evaluation of strategic transactions.”
Under the terms of its amended lease agreement with Alexandria Real Estate Equities, Inc., Atreca willterminate its long-term lease entered into in July 2019 in exchange for aggregate consideration of approximately $5 million. Atreca will vacate the premises by November 30, 2023, and will be evaluating options for facilities sized to its current operational needs.
Mr. Ruiz joined Atreca as Vice President, Finance, in 2018, bringing over 20 years of experience in financial management. Prior to joining Atreca, Mr. Ruiz was a consultant at RoseRyan, Inc., a leading finance and accounting advisory firm.
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