US-based genetic medicine developer Passage Bio completed a $110m series B round yesterday led by Access Biotechnology, the life sciences investment vehicle for diversified conglomerate Access Industries.
Lilly Asia Ventures, a corporate venturing subsidiary of pharmaceutical firm Eli Lilly, also took part, as did OrbiMed, Frazier Healthcare Partners, Versant Ventures, New Leaf Venture Partners, Vivo Capital, Boxer Capital, Highline Capital Management, Logos Capital and Sphera Funds Management.
Founded in 2018, Passage Bio is developing therapies to treat rare monogenic diseases affecting the central nervous system (CNS).
The company has a research, collaboration and licensing agreement in place with University of Pennsylvania’s Orphan Disease Center and Gene Therapy Program, which is carrying out preclinical work on its product candidates.
The series B cash is expected to fund the entry of drug candidates for GM1 gangliosidosis and frontotemporal dementia into clinical trials in the first half of next year, followed by a third for Krabbe disease. It has also licensed two more indications from University of Pennsylvania.
Stephen Squinto, Passage’s co-founder and interim CEO, said: “The support of our investors not only speaks to the immense potential of our development portfolio of transformative treatment options for patients with rare monogenic CNS diseases, but is also a reflection of their confidence in the expertise of the Passage Bio team and the Gene Therapy Program of the Perelman School at the University of Pennsylvania.
“As we continue to work toward advancing our three lead programs into the clinic over the coming year, we are focused on our mission to serve patients by offering best-in-class, life-transforming therapies.”
Liam Ratcliffe, head of Access Biotechnology, will take a seat on Passage Bio’s board of directors in conjunction with its investment. Chardan Capital Markets was an adviser for the round, which the company said increased its overall funding to approximately $226m.
Passage Bio announced in February 2019 it had secured nearly $116m in a series A round led by OrbiMed and backed by Lilly Asia Ventures, Frazier Healthcare Partners, Versant Ventures, Vivo Capital and New Leaf Venture Partners.
