Passage Bio Case Study: Proven success in lasting relationships.
Passage Bio is a Philadelphia-based biotechnology company pioneering a novel, in-vivo gene therapy platform with multiple gene therapy programs in preclinical development targeting rare monogenic diseases of the central nervous system.
Passage Bio approached Chardan, along with a lead investor, to assemble an investor syndicate for its Series A financing. Chardan then acted as the sole placement agent on the Series A.
Series A Success and Support
Chardan created a tailored recommendation for investor outreach based on the objectives of Passage Bio and its lead investor and efficiently and seamlessly organized a roadshow to introduce the Company to appropriate new investors. Chardan also managed the follow up diligence and data room processes, and maintained a consistent dialog with target investors to assess and consolidate sentiment with proprietary capital markets insight that was provided to Company management on a regular basis. In addition, Chardan Healthcare Investments co-invested alongside the syndicate.
Passage Bio announced a successful upsized, oversubscribed financing in February 2019 with a total transaction value of $115.5M. Chardan also acted as a financial advisor in the company’s $110M second successful private financing.
Top investors who participated in the Series A round included OrbiMed, Frazier, New Leaf Ventures and Versant. The Series B included new investors Boxer Capital of Tavistock Group, Highline Capital Management, Logos Capital and Sphera Funds Management.
Following this success, Passage Bio filed for a $216M IPO in February 2020; Chardan acted as lead manager.
The opportunity arose for Chardan to execute this transaction due to its extensive work in the gene therapy sector and strong relationship with early-stage genetic medicine investors
Post-IPO Support and Success
Following the IPO, Chardan has continued to support the Company and acted as a co-manager for Passage Bio’s $154M follow-on offering in January 2021.
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