Passage Bio To Slash About 13% Jobs To Cut Expenses

(RTTNews) - Passage Bio, Inc. (PASG) said on Tuesday that it will cut jobs by around 13 percent to reduce operating expenses and prioritize its research and development programs in partnership with the University of Pennsylvania's Gene Therapy Program or GTP.

With the move, the drug maker also said it will continue to focus on advancing its three lead clinical programs for GM1 gangliosidosis, Krabbe disease, and frontotemporal dementia.

Bruce Goldsmith, CEO of Passage Bio, said: "We have made the strategic decision to focus our organizational priorities, reduce our operating expenses and invest in the highest value development activities..."

As part of the move, Eliseo Salinas, Chief Research and Development Officer will retire from the service, with effect from March 18.