SAN DIEGO – Cibus Inc. (NASDAQ:CBUS), a company specializing in agriculture chemicals, announced today that Wade King, the Chief Financial Officer, will begin an indefinite leave of absence for family reasons starting September 30, 2024. Mr. King informed the company of his decision on August 15, 2024, and will step down from his role as CFO effective the same date as his leave begins.
In response to this development, Cibus revealed that Carlo Broos, the current Senior Vice President of Finance, will assume the position of Interim Chief Financial Officer, effective September 30, 2024.
Mr. Broos, 53, joined Cibus in 2011 and has held various leadership roles, bringing extensive experience in public finance, accounting, and audit practices. His previous positions include Head of Finance for Syngenta Europe Africa Middle East and CFO roles for Syngenta in the Netherlands and Belgium. He is a Registered Accountant in the Netherlands, having completed his Master of Science in Business Administration from Radboud University and post-master program in accountancy at Tilburg University.
Upon Mr. King's return from his leave, Cibus anticipates him taking on a new position as Chief Risk Officer, although the company has not filed any details regarding this role or its responsibilities.
In other recent news, Cibus, a developer of gene-edited traits for major crops, has reported noteworthy advancements in its technology and commercial operations. The company disclosed its second-quarter financial results, indicating an increase in R&D expenses and a higher net loss compared to the previous year, while maintaining a cash balance of $30 million.
Cibus is progressing with its non-GMO herbicide tolerant (HT) traits in rice, aiming for a 2027 launch, and has achieved significant progress in canola traits for disease resistance and nutrient use efficiency.
With its products recently gaining approval in Canada, Cibus is preparing to access substantial markets for canola, wheat, and soybeans. The company's plans include introducing HT traits in rice by 2027, potentially accessing 6 million acres and earning $120 million in annual royalties. Cibus is also exploring partnerships for the development and commercialization of wheat traits and aims to operationalize the soybean platform by the end of 2024.
Despite financial challenges, the company's strategic moves in entering new markets and forming partnerships signify a strong commitment to its long-term vision. The potential to generate significant royalties underscores Cibus's confidence in its technology and its potential value to the agricultural sector.
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