Philadelphia gene therapy developer Passage Bio trims workforce by another 23% Email Share Share Tweet Share Article Print Order Reprints
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Passage Bio is reducing its headcount for the second time this year.
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Biotech
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Pharmaceuticals
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Passage Bio Inc.
Company
James Wilson
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Stephen Squinto
Person
William Chou
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By John George – Senior Reporter, Philadelphia Business Journal
Nov 10, 2022
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Philadelphia 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…