Business
Passage Bio Reports First Quarter 2020 Financial Results and Recent Business Highlights
– Expansion of gene therapy collaboration with University of Pennsylvania’s Gene Therapy Program extends collaboration by three additional years and adds five
About this update from Passage Bio, Inc.
[{"type":"text","content":"– Expansion of gene therapy collaboration with University of Pennsylvania’s Gene Therapy Program extends collaboration by three additional years and adds five new programs –\n – Orphan Drug Designation recently granted by FDA for lead development candidate PBGM01; program expected to enter the clinic for treatment of infantile GM1 in fourth quarter of 2020 – – Strong cash balance of $367M expected to fund operations into 2023 – PHILADELPHIA, May 11, 2020 (GLOBE NEWSWIRE) -- Passage Bio, Inc. (Nasdaq: PASG), a genetic medicines company focused on developing transformative therapies for rare, monogenic central nervous system disorders, today reported financial results for the first quarter ended March 31, 2020 and provided recent business highlights. “The first quarter was a significant time for Passage Bio and the patients that we serve. Building upon the strong momentum since launching the company in 2018, we completed an upsized IPO in March 2020 and are now working to bring our lead program, PBGM01, for the treatment of infantile GM1 gangliosidosis into the clinic as soon as possible and advancing the balance of our deep pipeline,” said Bruce Goldsmith, Ph.D., president and chief executive officer of Passage Bio. “While the potential impacts of the COVID-19 pandemic are uncertain, with our deeply experienced management team, supported by a strong cash position, we are confident in our ability to continue to execute and remain on-track to meet our 2020 clinical development goals. As a company that aims, above all, to serve patients and families suffering from rare, life-threatening CNS diseases with no alternative treatment options, we are committed to driving our programs forward.” Recent Business Highlights Expansion of gene therapy collaboration with the University of Pennsylvania (UPenn) – In May 2020, Passage Bio expanded its research and development collaboration and licensing agreement with UPenn. The amendment increased the number of remaining available licensing options for programs to treat rare monogenic CNS disorders from from six to eleven and extended the window for the exercise of options by three years. Accordingly, the window to exercise all eleven remaining options extends to May 2025. The company also received exclusive rights and licenses, subject to limitations, to certain technologies resulting from discov...