PASG - Passage Bio to cut workforce by ~13% rejig R&D to reduce expenses

Passage Bio (NASDAQ:PASG) is reducing its workforce by ~13% and prioritizing research and development programs to reduce operating expenses. The company said it is prioritizing its R&D 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. "By aligning our organization and our foundational partnership with GTP around a more focused R&D strategy, we are well-positioned to execute against our ongoing clinical trials and advance our mission," said Passage Bio President and CEO Bruce Goldsmith. In conjunction with the staff reduction, Eliseo Salinas, chief research and development officer, will be retiring, effective March 18. The company added that Chief Medical Officer Mark Forman will continue to lead execution of the ongoing clinical trials.

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Passage Bio to cut workforce by ~13%, rejig R&D to reduce expenses