August 10, 2020
WORCESTER, Mass., Aug. 10, 2020 (GLOBE NEWSWIRE) -- Mustang Bio, Inc. (“Mustang”) (NASDAQ: MBIO), a clinical-stage biopharmaceutical company focused on translating today’s medical breakthroughs in cell and gene therapies into potential cures for hematologic cancers, solid tumors and rare genetic diseases, today announced financial results and recent corporate highlights for the second quarter ended June 30, 2020.
Manuel Litchman, M.D., President and Chief Executive Officer of Mustang, said, “Mustang made progress on multiple fronts during the second quarter of 2020. In June, we raised gross proceeds of approximately $37.2 million in an underwritten public offering of common stock. On the clinical front, we continued to advance our robust pipeline of gene and CAR T cell therapy programs. Notably, we began enrolling patients in a Phase 1/2 clinical trial of MB-102 (CD123-targeted CAR T cell therapy) under our own Investigational New Drug (“IND”) application for relapsed or refractory blastic plasmacytoid dendritic cell neoplasm, acute myeloid leukemia and high-risk myelodysplastic syndrome. We look forward to continued progress throughout the second half of this year, as we expect to initiate our pivotal MB-107 and MB-207 lentiviral gene therapy programs for newly diagnosed infants and previously transplanted patients with X-linked severe combined immunodeficiency (“XSCID”) and to disclose additional data from our MB-106 CD20-targeted CAR T cell therapy program.”
Recent Corporate Highlights:
In June 2020, Mustang raised gross proceeds of approximately $37.2 million in an underwritten public offering of common stock, including the exercise of the underwriter’s option.
In May 2020, City of Hope presented two posters pertaining to MB-104, an innovative CS1 CAR T cell therapy, at the virtual 23rd Annual Meeting of the American Society of Gene & Cell Therapy (“ASGCT”).
Also in May 2020, Mustang submitted an IND application to the U.S. Food and Drug Administration (“FDA”) to initiate a multi-center Phase 2 clinical trial of MB-107 in newly diagnosed infants with XSCID who are under the age of two. The trial is expected to enroll 10 patients who, together with 15 patients enrolled in the current multi-center trial led by St. Jude Children’s Research Hospital, will be compared with 25 matched historical control patients who have undergone hematopoietic stem cell transplant (“HSCT”). The primary efficacy endpoint will be event-free survival. The initiation of this trial is currently on hold pending CMC clearance by the FDA, which is expected in early Q4 2020. Mustang is targeting topline data from this trial in the second half of 2022.
Mustang expects to file an IND in the fourth quarter of 2020 for a registrational multi-center Phase 2 clinical trial of its lentiviral gene therapy in previously transplanted XSCID patients. This product will be designated MB-207. Mustang anticipates enrolling 20 patients and comparing them to matched historical control patients who have undergone a second HSCT. The company is targeting topline data from this trial in the second half of 2022.
In the ongoing Phase 1 trial of MB-105, a PSCA-directed CAR T administered systemically to patients with PSCA-positive castration resistant prostate cancer, at City of Hope, the first patient to receive the therapy following a standard CAR T conditioning regimen experienced a significant reduction in his prostate-specific antigen (“PSA”) at day 28. This PSA response was associated with radiographic improvement of the patient’s metastatic disease.
In April 2020, Mustang announced that the European Medicines Agency (“EMA”) granted Advanced Therapy Medicinal Product (“ATMP”) classification to MB-107 for the treatment of XSCID.
Financial Results:
As of June 30, 2020, the company’s cash, cash equivalents and restricted cash totaled $86.4 million, compared to $56.8 million as of March 31, 2020, and $62.4 million as of December 31, 2019.
Research and development expenses were $9.8 million for the second quarter of 2020. This compares to $6.8 million for the second quarter of 2019. Non-cash, stock-based compensation expenses included in research and development were $0.4 million for the second quarter of 2020, compared to $0.3 million for the second quarter of 2019.
Research and development expenses from license acquisitions totaled $1.3 million for the second quarter of 2020, compared to $0.2 million for the second quarter of 2019.
General and administrative expenses were $3.0 million for the second quarter of 2020. This compares to $3.2 million for the second quarter of 2019. Non-cash, stock-based compensation expenses included in general and administrative expenses were $1.5 million for the second quarter of 2020, compared to $1.6 million for the second quarter of 2019.
Net loss attributable to common stockholders was $14.6 million, or $0.32 per share, for the second quarter of 2020, compared to a net loss attributable to common stockholders of $10.4 million, or $0.29 per share, for the second quarter of 2019.
Successful Trading is the art of minimizing long term risk and maximizing capital allocation.
Recent FBIO News
- Fortress Biotech Announces Pricing of $8 Million Registered Direct Offering and Concurrent Private Placements • GlobeNewswire Inc. • 09/20/2024 12:30:35 PM
- Journey Medical Corporation to Participate in the Lake Street Capital Markets 8th Annual Best Ideas Growth (BIG) Conference • GlobeNewswire Inc. • 09/09/2024 12:30:35 PM
- Fortress Biotech to Present at the H.C. Wainwright 26th Annual Global Investment Conference • GlobeNewswire Inc. • 09/04/2024 12:30:11 PM
- Journey Medical Corporation to Present at the H.C. Wainwright 26th Annual Global Investment Conference • GlobeNewswire Inc. • 09/04/2024 12:15:03 PM
- Avenue Therapeutics to Participate in Upcoming Investor Conferences • GlobeNewswire Inc. • 09/03/2024 12:30:35 PM
- Fortress Biotech Reports Second Quarter 2024 Financial Results and Recent Corporate Highlights • GlobeNewswire Inc. • 08/13/2024 08:05:46 PM
- Journey Medical Corporation Reports Second Quarter 2024 Financial Results and Recent Corporate Highlights • GlobeNewswire Inc. • 08/12/2024 08:01:35 PM
- Avenue Therapeutics Reports Second Quarter 2024 Financial Results and Recent Corporate Highlights • GlobeNewswire Inc. • 08/09/2024 08:05:01 PM
- Journey Medical Corporation to Announce Second Quarter 2024 Financial Results on August 12, 2024 • GlobeNewswire Inc. • 08/06/2024 08:01:38 PM
- Fortress Biotech Reduces Total Debt and Enters into New $35 Million Term Loan with Oaktree with Maturity in 2027 • GlobeNewswire Inc. • 07/25/2024 12:30:53 PM
- Journey Medical Corporation Appoints Michael C. Pearce to Board of Directors • GlobeNewswire Inc. • 07/11/2024 08:05:39 PM
- Fortress Biotech Announces Pause in Payment of Dividends on 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock • GlobeNewswire Inc. • 07/05/2024 08:05:00 PM
- Mustang Bio Announces Closing of $2.5 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules • GlobeNewswire Inc. • 06/21/2024 08:01:58 PM
- Avenue Therapeutics to Present at the H.C. Wainwright 5th Annual Neuro Perspectives Virtual Conference • GlobeNewswire Inc. • 06/20/2024 12:30:27 PM
- Mustang Bio Announces $2.5 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules • GlobeNewswire Inc. • 06/20/2024 12:00:28 PM
- Mustang Bio Announces Favorable Efficacy and Safety Data from Complete Waldenstrom Macroglobulinemia Cohort of Phase 1/2 Clinical Trial of MB-106, CD20-Targeted Autologous CAR-T Therapy • GlobeNewswire Inc. • 06/17/2024 12:30:30 PM
- Avenue Therapeutics Announces Last Patient Last Visit in Phase 1b/2a Clinical Trial of AJ201 for the Treatment of Spinal and Bulbar Muscular Atrophy (Kennedy's Disease) • GlobeNewswire Inc. • 05/16/2024 12:30:18 PM
- Fortress Biotech to Participate in the Alliance Global Partners’ (A.G.P.) Virtual Healthcare Company Showcase • GlobeNewswire Inc. • 05/16/2024 12:00:38 PM
- Fortress Biotech Reports First Quarter 2024 Financial Results and Recent Corporate Highlights • GlobeNewswire Inc. • 05/15/2024 08:15:29 PM
- Journey Medical Corporation to Participate in the Alliance Global Partners’ (A.G.P.) Virtual Healthcare Company Showcase • GlobeNewswire Inc. • 05/15/2024 08:01:52 PM
- Avenue Therapeutics Reports First Quarter 2024 Financial Results and Recent Corporate Highlights • GlobeNewswire Inc. • 05/15/2024 12:30:00 PM
- Fortress Biotech Announces First Patient Dosed in Multi-Center Phase 2 Study of Triplex for Control of CMV in Patients Undergoing Liver Transplantation • GlobeNewswire Inc. • 05/14/2024 12:30:00 PM
- Journey Medical Corporation Reports First Quarter 2024 Financial Results and Recent Corporate Highlights • GlobeNewswire Inc. • 05/13/2024 08:01:47 PM
- Journey Medical Corporation to Announce First Quarter 2024 Financial Results on May 13, 2024 • GlobeNewswire Inc. • 05/07/2024 12:30:10 PM
- Mustang Bio Announces Closing of $4 Million Public Offering • GlobeNewswire Inc. • 05/02/2024 08:01:07 PM
FEATURED Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • Sep 24, 2024 8:45 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM