Passage Bio’s William Chou: Gene Therapy and Impactful Results for Patients

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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-based Passage Bio trims workforce by 23%

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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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IN THIS ARTICLE
Biotech
Topic
Pharmaceuticals
Topic
Passage Bio Inc.
Company
James Wilson
Person
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 Announces Leadership Transition

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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.

Five Philly Gene Therapy Companies You Should Know

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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 Provides Update on Strategic Priorities and Extends Cash Runway

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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

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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.

The Promise of Gene Therapy Offers More Hope for Rare Disease Cures in 2022

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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.

“There’s Gold in Them Thar Hills!” – VC Funding Floods BioHealth Capital Region in 2021

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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.

Regional Collaborations Emerge to Address the Biomanufacturing Workforce Crisis

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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.