Passage Bio Announces Leadership Transition

• Bruce Goldsmith, Ph.D. to step down as president and chief executive officer and member of board of directors, will serve as a strategic advisor for a transition period
  
• Edgar B. (Chip) Cale, current general counsel and corporate secretary, appointed as interim chief executive officer

PHILADELPHIA, June 01, 2022 (GLOBE NEWSWIRE) -- 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 Henderson
Passage Bio
267-866-0114
shenderson@passagebio.com

Passage Bio Media:
Mike Beyer
Sam Brown Inc. Healthcare Communications
312-961-2502
MikeBeyer@sambrown.com