Purple Biotech Ltd. (NASDAQ/TASE: PPBT) announced that Chief Executive Officer Gil Efron will step down from his role in August 2026 due to health considerations, according to a company statement.

Efron will remain with the clinical-stage cancer therapy company as a member of the Board of Directors and will lead corporate development activities, focusing on strategic initiatives and partnerships. The board has initiated a formal search for a new CEO.

Efron has served in senior leadership positions at Purple Biotech for eight years, including as Chief Financial Officer before becoming CEO in 2022. During his tenure, he led the company's strategic repositioning around its CAPTN-3 tri-specific antibody platform.

"Due to health considerations, I believe this is the right time for me to transition from the CEO role, but I remain deeply committed to the Company," Efron stated in the announcement.

Eric Rowinsky, Chairman of Purple Biotech's Board of Directors, said Efron "played a critical role in repositioning Purple Biotech's activities around the highly promising CAPTN-3 platform and strengthening the Company's strategic direction."

The board is seeking a new CEO with experience leading biotechnology companies and advancing therapeutic platforms. Efron will continue as CEO until August 2026 or until a successor is appointed. He has been appointed as a second class director on the board, effective immediately until the 2026 annual general meeting.

Purple Biotech's CAPTN-3 platform consists of tri-specific antibodies that target tumor-associated antigens while engaging T cells and NK cells. The platform's lead candidates, IM1240 and IM1305, are in preclinical development.