Korro Bio CFO takes medical leave, interim officers appointed

Korro Bio, Inc. (NASDAQ: KRRO), a pharmaceutical company specializing in preparations with a market capitalization of $285 million, announced today that Vineet Agarwal, the company's Chief Financial Officer, will be taking a temporary medical leave of absence effective today. The announcement comes as the company's stock trades near its 52-week low, having declined over 10% in the past week alone. In his absence, the company's Board of Directors has appointed Dr. Ram Aiyar, currently serving as President and Chief Executive Officer, to also act as interim principal financial officer. Additionally, Mr. Oliver Dolan, who has been the Senior Vice President of Finance since January 2024, will take over as interim principal accounting officer.

Dr. Aiyar's professional background and biographical information can be found in Korro's definitive proxy statement filed with the SEC on April 29, 2024. It is noted that Dr. Aiyar will not receive additional compensation during his tenure in the interim role. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 11.23, indicating robust short-term financial stability. Mr. Dolan, 42, brings a wealth of experience to his interim position, having previously held finance leadership roles at Unity Biotechnology, Haven Healthcare, and Compass Therapeutics. He is an MBA graduate from MIT Sloan School of Management, holds a Bachelor of Commerce degree from University College Dublin, and is a licensed Certified Public Accountant.

Korro has confirmed that neither Dr. Aiyar nor Mr. Dolan has any family relationships with the company's directors or executive officers. Furthermore, they do not have any material interest in transactions that would require disclosure under SEC regulations. As part of his interim appointment, Mr. Dolan has entered into a standard form of indemnification agreement with Korro, aligning with the company's policy filed on November 6, 2023.

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