Replies to post #21 on Fortress Biotech Inc (FBIO)

[conix]

Mustang Bio Announces Full Exercise of Option

Date: 05-08-2019



NEW YORK, May 08, 2019 (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 that the underwriters of its recent public offering of common stock have exercised in full their option and purchased an additional 1,031,250 shares at the public offering price of $4.00 per share. The exercise of the underwriters' option closed on May 8, 2019, with all of the option shares sold by Mustang. After giving effect to the sale of the option shares, a total of 7,906,250 shares of common stock were offered and sold in the offering.

On April 30, 2019, Mustang priced its public offering of 6,875,000 shares of common stock at $4.00 per share. Following the closing of the exercise of the underwriters' option, Mustang has received aggregate gross proceeds, before deducting underwriting discounts and commissions and offering expenses, of approximately $31.6 million.

Cantor Fitzgerald & Co. acted as lead book running manager for the offering. Oppenheimer & Co. Inc. acted as book running manager, and H.C. Wainwright & Co. and Roth Capital Partners acted as co-managers for the offering.

Mustang intends to use the net proceeds from the offering primarily for the continued development of its product candidates, the potential in-license, acquisition, development and commercialization of other pharmaceutical products and for general corporate purposes.

A shelf registration statement on Form S-3 (File. No. 333-226175) (the “Registration Statement”) relating to the shares of common stock being offered was filed with the U.S. Securities and Exchange Commission (SEC) and was declared effective on July 27, 2018. Copies of the prospectus supplement and accompanying prospectus, may be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Ave., 6th Floor, New York, New York 10022, or by e-mail at [e-mail]; or the on the SEC’s website at http://www.sec.gov.

The offering was made only by means of a prospectus. A final prospectus supplement to the base prospectus describing the terms of the offering was filed with the SEC. This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted.

About Mustang Bio

Mustang Bio, Inc. (“Mustang”) is 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. Mustang aims to acquire rights to these technologies by licensing or otherwise acquiring an ownership interest, to fund research and development, and to outlicense or bring the technologies to market. Mustang has partnered with top medical institutions to advance the development of CAR T and CRISPR/Cas9-enhanced CAR T therapies across multiple cancers, as well as a lentiviral gene therapy for XSCID. Mustang is registered under the Securities Exchange Act of 1934, as amended, and files periodic reports with the U.S. Securities and Exchange Commission. Mustang was founded by Fortress Biotech, Inc. (NASDAQ: FBIO).

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Avenue Therapeutics Reports First Quarter 2019 Financial Results and Recent Corporate Highlights

Safety study completed; Expect to report data from 2nd pivotal Phase 3 trial by the end of second quarter 2019

Date: 05-13-2019


NEW YORK, May 13, 2019 (GLOBE NEWSWIRE) -- Avenue Therapeutics, Inc. (NASDAQ: ATXI) (“Avenue”), a company focused on the development of intravenous (“IV”) tramadol for the U.S. market, today reported financial results and recent corporate highlights for the first quarter ended March 31, 2019.

“We recently completed the safety study for IV tramadol and expect to report data by the end of this quarter from our pivotal Phase 3 trial of IV tramadol for the management of postoperative pain in patients following abdominoplasty surgery,” said Lucy Lu, M.D., Avenue’s President and Chief Executive Officer. “We look forward to the results from this important study, as it not only compares IV tramadol to placebo, but also includes an active-comparator arm of IV morphine.”

Recent Achievements:

The Company has completed the open-label, single-arm safety study of IV tramadol in post-surgical pain. The results show that IV tramadol is well-tolerated with a side effect profile consistent with known pharmacology.
In April 2019, Avenue announced the appointment of Dr. Thomas G. Moore to its Board of Directors.

Financial Results:

Cash Position: As of March 31, 2019, Avenue’s cash and cash equivalents totaled $29.4 million, compared to $2.7 million at December 31, 2018. The $26.7 million increase was primarily attributable to the stock purchase by InvaGen Pharmaceuticals Inc. (“InvaGen”) in connection with the first stage closing of the agreement between InvaGen and Avenue.
R&D Expenses: Research and development expenses for the three months ended March 31, 2019, were $10.2 million, compared to $9.4 million for the same quarter in 2018. The $0.8 million increase was primarily attributable to the ongoing Phase 3 trial of IV tramadol following abdominoplasty surgery and to the Phase 3 safety trial of IV tramadol.
G&A Expenses: General and administrative expenses for the three months ended March 31, 2019, were $1.1 million, compared to $1.0 million for the same quarter in 2018. The $0.1 million increase was primarily attributable to an increase in non-cash stock compensation offset by reductions in market research costs and professional fees.

Net Loss: Net loss attributable to common stockholders for the three months ended March 31, 2019, was $11.3 million, or $0.82 per share, compared to a net loss of $10.4 million, or $1.03 per share, for the three months ended March 31, 2018.

About Avenue Therapeutics

Avenue is a specialty pharmaceutical company focused on the development and commercialization of IV tramadol for the management of moderate to moderately severe post-operative pain. IV tramadol may fill a gap in the acute pain market between IV acetaminophen/NSAIDs and IV conventional narcotics. Avenue is currently evaluating IV tramadol in a pivotal Phase 3 program for the management of post-operative pain. Avenue is headquartered in New York City and was founded by Fortress Biotech, Inc. (NASDAQ: FBIO). For more information, visit www.avenuetx.com.

Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock value. Factors that could cause actual results to differ materially from those currently anticipated include: risks relating to our growth strategy; risks relating to the results of research and development activities; risks relating to the timing of starting and completing clinical trials; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; uncertainties relating to preclinical and clinical testing; our dependence on third-party suppliers; our ability to attract, integrate and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

Contacts:
Jaclyn Jaffe and William Begien
Avenue Therapeutics, Inc.
[phone]
[e-mail]