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The first gene therapy to be approved by the FDA occurred in late 2017. It was Spark Therapeutics’ Luxturna, approved for a rare, genetic form of blindness. Since then, a handful of additional gene therapies have been approved, including bluebird bio’s Zynteglo for beta-thalassemia, which is expected to launch in March 2023. The Alliance for Regenerative Medicine predicts five more gene therapies may be approved this year.
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.
IMAGE PROVIDED BY GETTY IMAGES (DBSTUDIO)
IN THIS ARTICLE
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Pharmaceuticals
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Passage Bio Inc.
Company
James Wilson
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Stephen Squinto
Person
William Chou
Person
By John George – Senior Reporter, Philadelphia Business Journal
Nov 10, 2022
Listen to this article 4 min
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…
Passage Bio, Inc. (Nasdaq: PASG), a clinical-stage genetic medicines company focused on developing transformative therapies for central nervous system (CNS) disorders, announced today that the board of directors and Bruce Goldsmith, Ph.D. have mutually agreed that Dr. Goldsmith will step down as president and chief executive officer and a member of the board, effective immediately. The board has appointed Edgar B. (Chip) Cale, the current general counsel and corporate secretary, as interim CEO. Dr. Goldsmith will serve as a strategic advisor to management and the board for a transition period.
More than 40 cell and gene therapy companies call Philadelphia home. Their work is facilitated by academic/industrial partnerships with world-class scientists at Children’s Hospital of Philadelphia (CHOP), Temple University, Drexel University, and University of Pennsylvania. Led by Wilson, UPenn’s Gene Therapy Program has been a particularly strong catalyst of the growth that led to $3 billion in investment in cell and gene therapies (CGT) in 2021.
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, 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.
