Brief: Passage Bio Inc On Jan 8, Board Approved, And Management Began Implementing, Restructuring Plan

Passage Bio

10/01/2025 12:29

Jan 10 (Reuters) - Passage Bio Inc  PASG.O :
    * PASSAGE BIO INC: ON JAN 8, BOARD APPROVED, AND MANAGEMENT
BEGAN
IMPLEMENTING, RESTRUCTURING PLAN
    * PASSAGE BIO INC: TO  CEASE ITS LAB OPERATIONS AT ITS
APPROXIMATELY 62,000 FEET OF LEASED LABORATORY SPACE IN
HOPEWELL, NEW JERSEY
    * PASSAGE BIO : TO REDUCE OPERATING COSTS AND BETTER ALIGN
ITS
WORKFORCE WITH NEEDS OF ITS STRATEGIC RESEARCH AND DEVELOPMENT
STRATEGY
    * PASSAGE BIO INC: UNDER RESTRUCTURING PLAN, COMPANY IS
REDUCING
ITS OVERALL WORKFORCE BY ABOUT 55%
    * PASSAGE BIO INC: EXPECTS RESTRUCTURING PLAN WILL DECREASE
ITS
ANNUAL OPERATING COSTS BY ABOUT $9.0 MILLION TO $11.0 MILLION
    * PASSAGE BIO INC: PURSUING OPPORTUNITIES TO SUBLEASE SPACE
AT
LABORATORY LEASE TO OFFSET PORTIONS OF ITS FINANCIAL OBLIGATIONS

Source text:  ID:n0001104659-25-002278 
Further company coverage:  PASG.O 

 ((Reuters.Briefs@thomsonreuters.com;))