BRIEF-Passage Bio Inc On Jan 8, Board Approved, And Management Began Implementing, Restructuring Plan

Reuters

01-10

Jan 10 (Reuters) - Passage Bio Inc :

* 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: Further company coverage:

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

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Passage Bio Inc   :</p><p>   * PASSAGE BIO INC: ON JAN 8, BOARD APPROVED, AND MANAGEMENT BEGAN IMPLEMENTING, RESTRUCTURING PLAN</p><p>   * PASSAGE BIO INC: TO  CEASE ITS LAB OPERATIONS AT ITS APPROXIMATELY 62,000 FEET OF LEASED LABORATORY SPACE IN HOPEWELL, NEW JERSEY</p><p>   * PASSAGE BIO : TO REDUCE OPERATING COSTS AND BETTER ALIGN ITS WORKFORCE WITH NEEDS OF ITS STRATEGIC RESEARCH AND DEVELOPMENT STRATEGY</p><p>   * PASSAGE BIO INC: UNDER RESTRUCTURING PLAN, COMPANY IS REDUCING ITS OVERALL WORKFORCE BY ABOUT 55%</p><p>   * PASSAGE BIO INC: EXPECTS RESTRUCTURING PLAN WILL DECREASE ITS ANNUAL OPERATING COSTS BY ABOUT $9.0 MILLION TO $11.0 MILLION</p><p>   * PASSAGE BIO INC: PURSUING OPPORTUNITIES TO SUBLEASE SPACE AT LABORATORY LEASE TO OFFSET PORTIONS OF ITS FINANCIAL OBLIGATIONS</p><p>Source text:    Further company coverage:   </p><p> ((Reuters.Briefs@thomsonreuters.com;))</p></body></html>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"PASG","symbol_name":"Passage Bio, Inc.","start_time":0,"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","article_id":"2502571108","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2502571108","pubTimestamp":1736512154,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"Jan 10  - 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Passage Bio Inc   :   * 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 OBLIGATIONSSource text:    Further company coverage:    ((Reuters.Briefs@thomsonreuters.com;))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"}}}