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Passage Bio, Inc., a biotechnology firm specializing in biological products, announced on Monday the appointment of Thomas Kassberg as a Class I director and member of the Audit Committee, effective Tuesday. The Philadelphia-based company, which operates under the trading symbol NASDAQ:PASG, disclosed the appointment in a recent SEC filing.
Kassberg, who has been with Ultragenyx Pharmaceutical (NASDAQ:RARE) Inc. since 2011, brings extensive experience to the board, having served as Chief Business Officer and Executive Vice President since January 2016. His background includes roles at Corium International, Inc., and consulting work for various companies, including Rib-X Pharmaceuticals, Inc.
Kassberg's educational qualifications include an M.B.A. from Northwestern (NASDAQ:NWE) University's Kellogg (NYSE:K) School of Management and a B.A. in economics and management from Gustavus Adolphus College.
In line with Passage Bio's non-executive director compensation policy, Kassberg will receive a cash compensation package for his board service. Additionally, the board granted him non-incentive stock options to purchase shares of the company's common stock. These options, with a grant date fair value of $90,000, will vest over three years, contingent upon his continued service to the company.
Passage Bio will also enter into an indemnification agreement with Kassberg, similar to those it has with other directors. This agreement was referenced in the SEC filing, which is based on a press release statement.
In other recent news, Passage Bio, Inc. has announced an estimated impairment cost between $3.5 million and $5.5 million, associated with its recent sublease agreement and corporate restructuring efforts. The company has entered a sublease agreement for part of its laboratory space, a strategic move aimed at offsetting financial obligations from a larger laboratory lease.
In line with these developments, Passage Bio has also out-licensed treatments for GM1 gangliosidosis, Krabbe disease, and metachromatic leukodystrophy to GEMMA Biotherapeutics, Inc., with a deal that includes an upfront payment of $10 million and potential additional payments tied to business milestones.
On another note, the company is facing potential delisting from Nasdaq due to its share price falling below the minimum bid price requirement. In response, Passage Bio is currently evaluating options to regain compliance with Nasdaq's listing requirements.
Furthermore, Passage Bio 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. The proposed expansion of the upliFT-D Phase 1/2 global study aims to include a new cohort of patients with these specific mutations.
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) welcomes Thomas Kassberg to its board, investors may be considering the company's financial health and market performance in light of this new appointment. According to InvestingPro data, Passage Bio holds a market capitalization of approximately $44.96 million. However, the company's profitability remains a concern, with an adjusted P/E ratio for the last twelve months as of Q2 2024 standing at -0.55, reflecting the company's lack of earnings.
InvestingPro Tips indicate that while Passage Bio maintains a stronger liquidity position by holding more cash than debt, it is rapidly depleting its cash reserves and has not been profitable over the last twelve months. Additionally, the company's stock has experienced a significant decline over the last six months, with a price total return of -49.8%. These factors, combined with analysts' expectations that the company will not be profitable this year, may influence investors' decisions as they weigh the potential impacts of Kassberg's experience against the current financial metrics. For those seeking more detailed analysis, InvestingPro offers additional tips on Passage Bio that can provide deeper insights into the company's performance and prospects.
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