Passage Bio, a genetic medicines company developing AAV-delivered gene therapies for the treatment of rare monogenic central nervous system diseases, has closed a $110.0 million Series B financing.
The financing round was led by Access Biotechnology with participation from existing investors, including OrbiMed, Frazier Healthcare Partners, Versant Ventures, Lily Asia Ventures, New Leaf Venture Partners and Vivo Capital and new investors Boxer Capital of Tavistock Group, Highline Capital Management, Logos Capital and Sphera Funds Management.
Proceeds from the financing will support the continued development of the Philadelphia-based company’s portfolio of AAV-delivered therapeutics for the treatment of rare monogenic CNS diseases.
On closing of the financing, Liam Ratcliffe, MD, PhD, of Access Biotechnology, was appointed to the company’s board of directors. Chardan Capital Markets served as an adviser for the financing.
The company expects to initiate clinical trials for its lead programs in GM1 gangliosidosis and frontotemporal dementia (FTD) in the first half of 2020, followed by the initiation of a third program in Krabbe disease, in the second half of 2020. The company has licensed an additional two indications from the University of Pennsylvania, with the option to license an additional seven indications.