SAB Biotherapeutics CFO Michael King to Depart for CEO Role at Oncology Firm

SAB Biotherapeutics (NASDAQ: SABS), a clinical-stage biopharmaceutical company, announced that Chief Financial Officer Michael King will leave his position on June 4 to become CEO of a private oncology firm. King will continue to advise SAB until the end of the year. The Board of Directors has initiated a search for his permanent replacement.

In the interim, Mark Conley, Vice President of Finance with 38 years of experience in biotech finance and accounting, will serve as acting CFO. Samuel J. Reich, Chairman and CEO of SAB, expressed gratitude for King’s contributions and optimism for the company’s future as it expands its clinical program for type 1 diabetes (T1D).

King reflected on his time at SAB, expressing respect for the company’s mission and confidence in its continued success, particularly as their lead candidate, SAB-142, progresses in clinical trials. SAB confirmed it is maintaining its fiscal outlook for 2024 and anticipates topline data from its Phase 1 study of SAB-142.

SAB Biotherapeutics specializes in developing human immunoglobulins to treat and prevent immune and autoimmune disorders without needing human donors. Their lead asset, SAB-142, aims to modify the disease course of T1D, potentially delaying onset and preventing progression. The company’s technology involves genetically engineered Transchromosomic (Tc) Bovine™, which produces a diverse array of potent human IgGs.

As SAB navigates the transition following King’s departure, maintaining financial stability and market performance remains crucial. The company has a market capitalization of $24.36 million and a Price to Earnings (P/E) ratio of -0.45, indicating negative earnings expectations. For Q1 2024, SAB reported $2.6 million in revenue and a gross profit margin of 76.2%.

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