Passage Bio, Inc. (Nasdaq: PASG), a clinical-stage genetic medicines company focused on developing transformative therapies for central nervous system (CNS) disorders, today provided an update on strategic priorities to extend its cash runway. The company will decrease operating expenses by reducing the workforce by approximately 13 percent and prioritizing its research and development 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.
Passage Bio Doses First Patient in Global Clinical Trial for Infantile Krabbe Disease, A Rare Fatal Pediatric Condition
Passage Bio, Inc. (Nasdaq: PASG), a clinical-stage genetic medicines company focused on developing transformative therapies for central nervous system (CNS) disorders, announced that the first patient with early infantile Krabbe disease has received PBKR03, an adeno-associated virus (AAV)-delivery gene therapy, in its global Phase 1/2 clinical trial, GALax-C.
While the field of gene therapy is still relatively new, it’s moving at a breakneck pace. In fact, 1,745 gene therapies are currently in development around the world! Technological advancements in gene editing, modulation, and replacement technologies have helped to advance this new breed of therapies, raising hope for cures for many of these rare diseases in the near future.
In the third quarter of 2021 alone, more than $400 million of private capital was invested in Maryland businesses. The money went to more than 34 different companies, according to data compiled by PitchBook. The deals brought the state to about $1.6 billion in funding for the first three-fourths of the year and placed Maryland on track to bring in about $2 billion worth of VC funding for the year. That was a significant jump over 2020, when Maryland saw about $1.26 billion in VC funding. For the industry at large in 2020, VC activity in biotechs grew by 45% to $36.6 billion.
Investors Eye Gene Therapy Companies and Rapidly Expanding Market – Five Publicly Traded Gene Therapy Companies
We have been covering the biomanufacturing workforce at length this year because it remains one of the most important topics for companies in today’s near full-employment job market.
Robust Investment in Greater Philadelphia Region’s Cell and Gene Therapy Sector Continued in the First Quarter of 2021
Robust Investment in Greater Philadelphia Region’s Cell and Gene Therapy Sector Continued in the First Quarter of 2021 PHILADELPHIA (April 8, 2021) – The robust venture capital funding the Greater [….]
As some are now calling it, the greater Philadelphia region, or ‘Cellecon Valley, is garnering a lot of attention these days as a rapidly emerging Biopharma cluster, earning a defining spot among the top 10 clusters in the US.
Philadelphia, the birthplace of cell and gene therapy, is home to a number of companies focused on developing multiple treatment options for rare diseases, those that affect less than 200,000 people in the United States.
Philadelphia is not just the city of brotherly love. It is one of the nation’s top biopharma hubs and the birthplace of cell and gene therapy. Within the next few years, the role of life sciences companies and institutions that call the city home is expected to grow at an accelerated rate, further cementing the city’s place as a key biopharma ecosystem.