Passage Bio Announces Leadership Transition
June 01 2022 - 7:30AM
Passage Bio, Inc. (Nasdaq: PASG), a clinical-stage genetic
medicines company focused on developing transformative therapies
for central nervous system (CNS) disorders, announced today that
the board of directors and Bruce Goldsmith, Ph.D. have mutually
agreed that Dr. Goldsmith will step down as president and chief
executive officer and a member of the board, effective immediately.
The board has appointed Edgar B. (Chip) Cale, the current general
counsel and corporate secretary, as interim CEO. Dr. Goldsmith will
serve as a strategic advisor to management and the board for a
transition period.
Maxine Gowen, Ph.D., the company’s chairwoman, has
assumed the role of interim executive chairwoman of the board. The
board has initiated a search for a permanent CEO.
“On behalf of the board of directors and
shareholders of Passage Bio, I would like to thank Bruce for his
vision and many contributions to Passage over the past two years,”
said Dr. Gowen. “Under Bruce’s leadership, Passage Bio completed
successful initial and secondary public offerings, transitioned
from a preclinical to a clinical-stage company with three programs
currently in clinical development, and emerged as a leader in
advancing genetic medicines for CNS disorders. We look forward to
working with him during this transition period and wish him the
best in his future endeavors.”
Dr. Goldsmith commented, “It has been a privilege
to serve as president and CEO over the past two years, working hand
in hand with a strong dedicated team and in close partnership with
Dr. James Wilson and the renowned Gene Therapy Program at the
University of Pennsylvania. I am excited by the promise the Passage
pipeline offers for patients and am encouraged by the clinical data
emerging from these programs. I look forward to supporting the
board and management through this transition.”
Mr. Cale added, “I am honored to serve as interim
chief executive officer through this transition period to drive
continued execution across our programs and advance our mission of
transforming the lives of patients with CNS disorders. With three
programs currently in clinical development, we are well positioned
to achieve several important milestones over the coming months, and
I look forward to working closely with the talented team at Passage
to bring these to fruition.”
About Edgar B. (Chip) Cale
Mr. Cale has been at Passage Bio since September
2019. Prior to joining the company, Mr. Cale spent more than twenty
years at GlaxoSmithkline, most recently as Senior Vice President of
Legal Corporate Functions, which included legal support for global
business development and corporate functions. At GSK, he also
served as General Counsel of GSK’s Vaccine division. Mr. Cale has a
BA in Biology from the University of Pennsylvania, and a JD from
University of California at Berkeley.
About Passage Bio, Inc.Passage Bio
(Nasdaq: PASG) is a clinical-stage genetic medicines company on a
mission to provide life-transforming therapies for patients with
CNS diseases with limited or no approved treatment options. Our
portfolio spans pediatric and adult CNS indications, and we are
currently advancing three clinical programs in GM1 gangliosidosis,
Krabbe disease and frontotemporal dementia with several additional
programs in preclinical development. Based in Philadelphia, PA, our
company has established a strategic collaboration and licensing
agreement with the renowned University of Pennsylvania’s Gene
Therapy Program to conduct our discovery and IND-enabling
preclinical work. Through this collaboration, we have enhanced
access to a broad portfolio of gene therapy candidates and future
gene therapy innovations that we then pair with our deep clinical,
regulatory, manufacturing and commercial expertise to rapidly
advance our robust pipeline of optimized gene therapies. As we work
with speed and tenacity, we are always mindful of patients who may
be able to benefit from our therapies. More information is
available at www.passagebio.com.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of, and made pursuant to the safe
harbor provisions of, the Private Securities Litigation Reform Act
of 1995, including, but not limited to: our expectations about
timing and execution of changes in our management; and the ability
of our lead product candidates to treat their respective target CNS
disorders. These forward-looking statements may be accompanied by
such words as “aim,” “anticipate,” “believe,” “could,” “estimate,”
“expect,” “forecast,” “goal,” “intend,” “may,” “might,” “plan,”
“potential,” “possible,” “will,” “would,” and other words and terms
of similar meaning. These statements involve risks and
uncertainties that could cause actual results to differ materially
from those reflected in such statements, including: our ability to
develop and obtain regulatory approval for our product candidates;
the timing and results of preclinical studies and clinical trials;
risks associated with clinical trials, including our ability to
adequately manage clinical activities, unexpected concerns that may
arise from additional data or analysis obtained during clinical
trials, regulatory authorities may require additional information
or further studies, or may fail to approve or may delay approval of
our drug candidates; the occurrence of adverse safety events; the
risk that positive results in a preclinical study or clinical trial
may not be replicated in subsequent trials or success in early
stage clinical trials may not be predictive of results in later
stage clinical trials; failure to protect and enforce our
intellectual property, and other proprietary rights; our dependence
on collaborators and other third parties for the development and
manufacture of product candidates and other aspects of our
business, which are outside of our full control; risks associated
with current and potential delays, work stoppages, or supply chain
disruptions caused by the coronavirus pandemic; and the other risks
and uncertainties that are described in the Risk Factors section in
documents the company files from time to time with the Securities
and Exchange Commission (SEC), and other reports as filed with the
SEC. Passage Bio undertakes no obligation to publicly update any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
For further information, please contact:
Passage Bio Investors:Stuart HendersonPassage
Bio267-866-0114shenderson@passagebio.com
Passage Bio Media:Mike BeyerSam Brown Inc.
Healthcare
Communications312-961-2502MikeBeyer@sambrown.com
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