Genetic Medicines Company Passage Bio To Make U.S. Trading Debut On Feb.28
The Philadelphia-based Passage Bio is slated to debut on the Nasdaq Global Market under the symbol “PASG” on February 28, 2020.
Passage Bio is a genetic medicines company developing transformative therapies for rare, monogenic central nervous system, or CNS, disorders with limited or no approved treatment options.
The company has offered to sell 7.4 million shares of its common stock in the offering, and has granted the underwriters an option for 30 days to purchase up to 1.11 million additional shares of common stock.
The initial public offering price is expected to be between $16 and $18 per share.
Underwriters of the IPO:
J.P. Morgan Securities LLC,Goldman Sachs & Co. LLC, Cowen and Company, LLC, Chardan Capital Markets LLC
The company has a strategic research collaboration with the University of Pennsylvania’s Gene Therapy Program and currently has three lead product candidates:
– PBGM01 for the treatment of GM1 gangliosidosis, or GM1
– PBFT02 for frontotemporal dementia, or FTD
– PBKR03 for the treatment of Krabbe disease.
In addition to the above three lead product candidates, the company has three programs in the discovery or candidate selection stage:
– PBML04 for metachromatic leukodystrophy, or MLD
– PBAL05 for amyotrophic lateral sclerosis, or ALS
– PBCM06 for Charcot-Marie-Tooth Type 2A, or CMT2A
Beyond this portfolio, the company also has the option to license programs for six additional rare, monogenic CNS indications through 2022.
– Submission of INDs for PBGM01 in the first half of 2020, for PBFT02 and PBKR03 in the second half of 2020.
– Initiation of phase I/II trials for GM1 in the second half of 2020, for FTD in the first half of 2021 and for Krabbe disease in the first half of 2021.
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