Philadelphia-based Passage Bio trims workforce by 23%
By John George – Senior Reporter, Philadelphia Business Journal
Nov 10, 2022Philadelphia gene therapy developer Passage Bio is reducing its workforce for the second time this year.
The company, which went public in the local life sciences industry’s largest IPO in 2021, said Thursday it is reducing its headcount by roughly 23% to lower operating expenses.
The reduction will impact 25 employees. Passage Bio (NASDAQ: PASG) started the year with 133 employees, but cut its staff by 13% in March to conserve cash. With the new round of layoffs, the company will have about 90 workers.
“Passage Bio has tremendous potential to transform the lives of patients with devastating central nervou system disorders for which there is significant unmet clinical need,” said Dr. William Chou, who took over as the company’s CEO in October. “To achieve this mission, we must be thoughtful in our allocation of resources to ensure we can deliver meaningful clinical data across our programs and maintain a best-in-class pipeline.”
Read the full article at: www.bizjournals.com
- About the Author
- Latest Posts
BioBuzz is a community led, experience focused, biotech and life sciences media and events company. BioBuzz highlights regional breaking news, industry professionals, jobs, events, and resources for business and career growth. Their weekly newsletter is subscribed to by thousands in the BioHealth Capital Region and Greater Philadelphia as the go-to for industry updates.
