Passage Bio To Cut Workforce, Prioritize R&D Programs To Reduce Operating Expenses

Passage Bio Inc PASG will reduce its workforce by approximately 13% and prioritize its R&D programs in partnership with the University of Pennsylvania's Gene Therapy Program (GTP).

• The Company will continue to focus on advancing its three lead clinical programs for GM1 gangliosidosis, Krabbe disease, and frontotemporal dementia (FTD).
• In conjunction with the headcount reduction, Eliseo Salinas, chief research and development officer, will retire and depart from the Company effective March 18. 
• Mark Forman, chief medical officer, will continue to lead the execution of the ongoing clinical trials. 
• Passage Bio will dose the first patient in Phase 1/2 of FTD-GRN in early 2022.
• It will submit an Investigational New Drug Application for the Phase 1/2 program for PBML04 (metachromatic leukodystrophy) in mid-2022.
• The Company will present interim safety and biomarker data for Cohorts 2 (late infantile, high dose) and 3 (early infantile, low dose) for the Imagine-1 clinical trial for GM1 in 2H 2022.
• Interim safety and biomarker data for Cohort 1 for the GALax-C clinical trial for Krabbe disease will be presented by the end of 2022.
• The cash balance of $315.8 million can provide a cash runway into Q2 2024 versus year-end 2023.
• Price Action: PASG shares are trading at $2.81 during the market session on the last check Tuesday.