PHILADELPHIA - Passage Bio, Inc. (NASDAQ:PASG), a genetic medicines company targeting neurodegenerative diseases, today announced the addition of Tom Kassberg to its Board of Directors and the Audit Committee. Kassberg, with a substantial background in biopharmaceuticals, currently serves as Chief Business Officer and Executive Vice President at Ultragenyx.
The appointment is part of Passage Bio's strategic effort to strengthen its leadership as it advances its lead product candidate, PBFT02, for various neurodegenerative conditions. Will Chou, M.D., President and CEO of Passage Bio, expressed confidence in Kassberg's ability to contribute to the company's mission during a pivotal phase.
Kassberg's industry experience is extensive, having held executive roles at Proteolix, Inc., InterMune, Inc., and co-founding Plexxikon. His early career included strategic planning and financial analysis at Bristol Myers (NYSE:BMY) Squibb.
In his response, Kassberg highlighted the progress of the PBFT02 program and the opportunity to address multiple neurodegenerative diseases. He emphasized his commitment to working with Passage Bio's team to advance their treatments.
Passage Bio's focus is on developing one-time therapies that target the underlying pathology of neurodegenerative diseases. PBFT02, their lead candidate, aims to treat conditions like frontotemporal dementia by improving progranulin levels and lysosomal function.
The information in this article is based on a press release statement from Passage Bio.
In other recent news, Passage Bio, Inc. reported an estimated impairment cost between $3.5 million and $5.5 million, in line with its recent sublease agreement and corporate restructuring efforts. The company also appointed Thomas Kassberg as a Class I director and member of the Audit Committee, strengthening its governance and strategic capabilities. Kassberg, with an extensive background in biotechnology, was granted non-incentive stock options as part of his compensation package.
On the business front, Passage Bio has out-licensed treatments for GM1 gangliosidosis, Krabbe disease, and metachromatic leukodystrophy to GEMMA Biotherapeutics, Inc., a deal that includes a $10 million upfront payment and potential additional payments tied to business milestones. Furthermore, the company has received approval from the U.S. Food and Drug Administration to evaluate its gene therapy treatment, PBFT02, for frontotemporal dementia patients with C9orf72 gene mutations.
However, the company is currently evaluating options to regain compliance with Nasdaq's listing requirements, following a potential delisting notice due to its share price falling below the minimum bid price requirement. These are recent developments in Passage Bio's ongoing efforts to address the unmet needs of the patient community.
InvestingPro Insights
As Passage Bio, Inc. (NASDAQ:PASG) reinforces its leadership with the addition of Tom Kassberg to its Board of Directors, the financial metrics and market performance of the company provide additional context for investors. According to InvestingPro data, Passage Bio holds a market capitalization of $44.96 million, reflecting the current valuation of the company in the market. Despite the challenges faced in profitability, with a negative P/E ratio of -0.52, the company has demonstrated a significant return over the last week, at 9.95%.
InvestingPro Tips suggest that while Passage Bio has more cash than debt on its balance sheet, indicating a level of financial stability, the company is quickly burning through cash which could raise concerns about long-term sustainability. Furthermore, analysts do not expect the company to be profitable this year, which aligns with the negative earnings per share (EPS) of -1.35 USD over the last twelve months as of Q2 2024.
Investors should note that while Passage Bio does not pay dividends, which could be a consideration for income-focused portfolios, the company's liquid assets exceed its short-term obligations, suggesting that it has the liquidity to meet its immediate financial needs. For those interested in a deeper dive into the financial health and future prospects of Passage Bio, InvestingPro offers additional tips and real-time analytics accessible at https://www.investing.com/pro/PASG.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.