Passage Bio

About Passage Bio

Passage Bio, Inc. (NASDAQ: PASG) is a clinical-stage genetic medicines company operating in the biotechnology sector, with a specific focus on developing therapies for rare, monogenic central nervous system (CNS) disorders. Founded in 2017, the Philadelphia-based company was co-founded by Dr. James M. Wilson, a prominent figure in gene therapy from the University of Pennsylvania (UPenn), alongside Dr. Tachi Yamada and Dr. Stephen Squinto.

The company's foundation is built upon a strategic research and collaboration agreement with UPenn's Gene Therapy Program (GTP), which is directed by Dr. Wilson. This partnership allows Passage Bio to leverage GTP's extensive research and preclinical development capabilities, providing exclusive rights to a portfolio of gene therapy candidates for rare CNS indications. Passage Bio assumes responsibility for clinical development, regulatory strategy, and commercialization activities. The business model is that of a pre-revenue clinical-stage biotech, incurring significant research and development expenses to advance its pipeline. The company's initial financing included a substantial $115.5 million Series A round in 2019, followed by a record-setting IPO for a Philadelphia-area gene therapy company in March 2020.

Passage Bio's primary therapeutic approach involves using adeno-associated virus (AAV) vectors to deliver functional genes to patients, aiming to correct the underlying genetic cause of a disease with a one-time treatment. The company's lead product candidate is PBFT02, a gene therapy for frontotemporal dementia (FTD) with granulin gene (GRN) mutations. This therapy is currently being evaluated in a Phase 1/2 clinical trial, known as the upliFT-D study. It is designed to be administered via a single injection into the cerebrospinal fluid to elevate levels of the progranulin protein in the CNS. Recently, in August 2024, the company shifted its strategic focus by out-licensing three of its clinical-stage pediatric programs to the newly formed GEMMA Biotherapeutics, a move intended to extend its cash runway to mid-2026 and concentrate resources on neurodegenerative diseases.