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Passage Bio, Inc. (NASDAQ: PASG) is a pioneering genetic medicines company dedicated to the development of transformative therapies for rare monogenic central nervous system (CNS) diseases. Leveraging cutting-edge gene therapy techniques, Passage Bio is advancing a robust pipeline aimed at addressing unmet medical needs in both pediatric and adult CNS disorders.
The company's key initiatives include the development of PBGM01 for infantile GM1 gangliosidosis, PBFT02 for frontotemporal dementia (FTD) caused by progranulin deficiency, and PBKR03 for infantile Krabbe disease. These therapies utilize proprietary adeno-associated virus (AAV) capsids to deliver functional genes directly to the brain and peripheral tissues, promising significant therapeutic benefits.
Passage Bio collaborates with leading institutions to bolster its research and development efforts. This includes a strategic research partnership with the University of Pennsylvania's Gene Therapy Program and a collaboration agreement with Catalent Maryland, Inc. Such alliances enhance Passage Bio's capacity to innovate and expedite the clinical development of its promising therapies.
Financially, Passage Bio is in a strong position, with a cash runway extending into the fourth quarter of 2025, allowing the company to diligently progress its clinical programs. Recent achievements include positive interim data from the Imagine-1 study, a Phase 1/2 clinical trial of PBGM01, demonstrating a favorable safety profile and initial evidence of efficacy in early and late infantile GM1 gangliosidosis.
Additionally, the company is making strides with PBFT02. Initial data from the upliFT-D clinical trial indicate promising safety and biomarker outcomes, showing elevated cerebrospinal fluid (CSF) progranulin levels. Such results underscore the potential of PBFT02 to address the underlying pathology of FTD and other neurodegenerative conditions.
Passage Bio is also committed to fostering the next generation of scientists through initiatives like the Tachi Yamada Scholarship program, which supports students in life sciences disciplines.
Passage Bio, Inc. (Nasdaq: PASG) has announced that CEO Bruce Goldsmith will participate in a fireside chat at the Guggenheim 3rd Annual Neuro/Immunology Conference on November 16, 2021, at 3:00 p.m. ET. This virtual event will feature discussions on the company's advancements in genetic therapies for central nervous system disorders. A live webcast will be available on Passage Bio's website, with a replay accessible for 30 days post-event. The company aims to provide transformative genetic medicines and has established a collaboration with the University of Pennsylvania's Gene Therapy Program.
Passage Bio (NASDAQ: PASG) reported Q3 2021 financial results, with cash reserves of $354.4 million, sufficient for operations for at least 24 months. The company is advancing its Phase 1/2 trials for PBGM01, PBFT02, and PBKR03, targeting CNS disorders, with initial safety and biomarker data expected by 4Q21. R&D expenses rose to $26.6 million, and G&A expenses increased to $15.0 million, contributing to a net loss of $46.9 million. Management remains focused on executing their clinical programs and anticipates new data releases in early 2022.
Passage Bio (NASDAQ: PASG) will host a conference call on November 4, 2021, at 8:30 a.m. ET to discuss its third quarter 2021 financial results and recent business highlights. Investors can join by calling 833-528-0605 (domestic) or 830-221-9711 (international) using conference ID 2985094, or watch a live webcast on the company's website. The event will be archived for 30 days post-event. The company focuses on gene therapies for central nervous system disorders and collaborates with the University of Pennsylvania's Gene Therapy Program to advance its pipeline.
Passage Bio, Inc. (NASDAQ: PASG) announced participation in two conferences in October 2021. The first event is the Chardan 5th Annual Genetic Medicines Conference on October 4, featuring CEO Bruce Goldsmith in a virtual fireside chat at 9 a.m. ET. The second event is the Alliance for Regenerative Medicine: Cell & Gene Meeting on the Mesa on October 12, with COO Jill Quigley presenting at 5:45 p.m. ET. Live webcasts and replays will be available on the company’s website, enhancing investor engagement.
Passage Bio (Nasdaq: PASG) announced the granting of inducement awards to eight new employees, comprising options to purchase a total of 72,000 shares. The options, priced at $11.50 per share, match the closing stock price on September 15, 2021. These inducement options will vest over four years, with 25% vesting after one year and the rest in monthly installments. This award follows Nasdaq's Rule 5635(c)(4). Passage Bio focuses on developing genetic therapies for central nervous system disorders.
Passage Bio (Nasdaq: PASG) announced the appointment of Maxine Gowen, Ph.D. as chairwoman of the board of directors, effective August 31. With over 30 years in the biopharmaceutical industry, Dr. Gowen, who joined the board in February 2021, brings extensive experience to the role. She aims to advance Passage Bio's mission to develop therapies for central nervous system disorders following the unexpected passing of former chairman Dr. Tadataka Yamada. Dr. Gowen emphasizes the company's potential in creating innovative genetic medicines.
Passage Bio, a clinical-stage genetic medicines company, announced that its CEO, Bruce Goldsmith, Ph.D., will participate in a virtual panel on neurodegenerative diseases at the Citi 16th Annual BioPharma Virtual Conference from September 8-10, 2021. The panel is scheduled for September 8 at 11:35 a.m. ET. A live webcast will be available on Passage Bio's website, with a replay accessible for 30 days post-event. The company focuses on developing therapies for central nervous system disorders, leveraging a collaboration with the University of Pennsylvania's Gene Therapy Program.
Passage Bio (Nasdaq: PASG) announced the granting of inducement stock options to its new Chief Financial Officer, Simona King, and eight additional hires. Ms. King received 360,000 shares with an exercise price of $11.43, reflecting the closing stock price on August 23, 2021. The other employees were awarded options for 205,100 shares at an exercise price of $10.84, based on the closing price on August 16, 2021. These stock options will vest over four years, aligned with Nasdaq listing Rule 5635(c)(4).
Passage Bio (Nasdaq: PASG) expanded its collaboration with the University of Pennsylvania’s Gene Therapy Program to enhance genetic medicines for CNS disorders, focusing on Alzheimer's Disease and Temporal Lobe Epilepsy. The company expects to initiate Phase 1/2 trials for PBFT02 and PBKR03 by Q3 2021 and report initial safety data from PBGM01 in Q4 2021. Financially, Passage Bio reported a net loss of $48.4 million for Q2 2021, an increase from $27.2 million in Q2 2020, while cash reserves grew to $407.8 million, ensuring operational funding for at least 24 months.
Passage Bio (Nasdaq: PASG) expresses deep sorrow over the unexpected passing of founder and chairman, Dr. Tadataka Yamada, on August 3, 2021. Dr. Yamada contributed significantly to the company and the life sciences industry, serving as chairman since July 2017 and previously holding prestigious roles at Takeda and GlaxoSmithKline. His strategic insight shaped the company’s development of transformative genetic therapies for CNS disorders. Passage Bio aims to continue his legacy while maintaining a commitment to patients and innovation in gene therapy.
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