Passage Bio Secures $115 Million Series A Financing Led by OrbiMed to Advance AAV Gene Therapies for Rare CNS Disorders

VCBeat (WeChat ID: vcbeat) has learned that biotechnology company Passage Bio recently completed a $115 million Series A financing round to develop treatments for rare central nervous system (CNS) diseases caused by single-gene defects.

This round of financing was led by OrbiMed Advisors, with participation from Frazier Healthcare Partners, Versant Ventures, New Leaf Venture Partners, Vivo Capital, and Lilly Asia Ventures.

Passage Bio is a biotechnology company headquartered in Philadelphia, USA, focused on developing gene therapies using adeno-associated virus (AAV) vectors.

GM1 Gangliosidosis (GM1) is an autosomal recessive genetic disorder that primarily affects infants and young children. Affected infants present with symptoms such as gingival hyperplasia, corneal clouding, and joint contractures, and rarely survive beyond two years of age. Currently, there is no cure for this disease in clinical practice.

Frontotemporal Dementia (FTD) closely resembles Alzheimer’s disease and typically affects patients aged 60 to 70. Clinical features include personality changes, speech impairments, and behavioral abnormalities, with an average survival of only eight years after symptom onset.

To address the aforementioned two medical challenges, Passage Bio is dedicated to developing gene therapies for GM1 gangliosidosis and frontotemporal dementia (FTD). Dr. James Wilson, Chief Scientific Advisor at Passage Bio, stated, “We plan to utilize viruses or other ‘vectors’ to deliver healthy genes into cells, thereby replacing defective or missing genes. Theoretically, this approach could address the root cause of disease onset in patients.”

Dr. Stephen Squinto, CEO of Passage Bio, stated, “The Company is currently engaged in an in-depth collaboration with the University of Pennsylvania, a leading team in AAV research. We are confident in advancing therapeutic approaches for rare monogenic CNS disorders. We aim to initiate clinical trials for our GM1 gangliosidosis and FTD treatment programs in early 2020.”

OrbiMed Advisors is an investment firm headquartered in New York, USA. Founded in 1989, the firm focuses on biopharmaceuticals, life sciences, medical devices, healthcare services, and diagnostics, with approximately $13 billion in assets under management.

Frazier Healthcare Partners is a venture capital firm headquartered in Seattle, United States. Founded in 1991, it focuses on multiple sectors including pharmaceuticals and healthcare services, with assets under management exceeding $2 billion.

Versant Ventures is a leading U.S. healthcare investment firm that provides capital to companies in the healthcare sector across all stages of development. To date, the firm has completed 40 mergers and acquisitions and manages over $3 billion in assets.

New Leaf Venture Partners is a venture capital firm dedicated to the fields of biopharmaceuticals, medical devices, and laboratory infrastructure technology.

Vivo Capital is a venture capital firm established in 1996, dedicated to investing in the life sciences and healthcare sectors through Sino-US collaboration. Vivo Capital manages over $1.7 billion in funds. In the United States, its innovative medical products are typically in late-stage development or already on the market, while in Greater China, it tends to invest in life science and healthcare companies that have entered the growth stage. Vivo Capital has offices in Shanghai, Beijing, and Chengdu.

Lilly Asia Ventures, established in 2008 and headquartered in Huangpu District, Shanghai, is China’s earliest industry fund invested by a multinational pharmaceutical company. The firm focuses on investments in the biopharmaceutical, biotechnology, medical device, and healthcare services sectors across Asia, particularly in China.

(Compiled by: Feng Yutong)