Atreca announces departure of CFO Cross, agreement to terminate lease

Atreca 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 $13M of annual expenditures. In addition, Herb Cross, Chief Financial Officer, will depart the Company on September 22, 2023, to pursue an external opportunity. 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. Under the terms of its amended lease agreement with Alexandria Real Estate Equities, Inc., Atreca will terminate 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.