Passage Bio To Cut Workforce, Prioritize R&D Programs To Reduce Operating Expenses
Passage Bio Inc (NASDAQ: 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.
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