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NEW YORK, Nov. 14, 2017 (GLOBE NEWSWIRE) -- Mustang Bio, Inc. (“Mustang”) (NASDAQ:MBIO), a Fortress Biotech (NASDAQ:FBIO) Company focused on the development of novel immunotherapies based on proprietary chimeric antigen receptor engineered T cell (CAR T) technology, today announced financial results and recent corporate highlights for the third quarter ended September 30, 2017.
Dr. Manuel Litchman, President and Chief Executive Officer of Mustang, said, “The third quarter and subsequent several weeks proved to be highly productive for Mustang, and we are proud of the significant commercial and clinical progress made. The listing of Mustang’s common stock on the NASDAQ Global Market and the addition of MB-106 (CD20 Technology) to our expanding pipeline through our license agreement with the Fred Hutchinson Cancer Research Center were an especially strong start to the quarter. We look forward to continuing this momentum with City of Hope’s presentation of initial Phase 1 data for MB-102 in acute myeloid leukemia and blastic plasmacytoid dendritic cell neoplasm at the 59th American Society of Hematology Annual Meeting in December.”
Recent Corporate Highlights:
About Mustang Bio
Mustang Bio, Inc., a subsidiary of Fortress Biotech, Inc., is a clinical‐stage biopharmaceutical company focused on the development and commercialization of novel cancer immunotherapy products designed to leverage the patient’s own immune system to eliminate cancer cells. Mustang aims to acquire rights to these technologies by licensing or otherwise acquiring an ownership interest, funding research and development, and outlicensing or bringing the technologies to market. Mustang has partnered with the City of Hope National Medical Center (“COH”) and the Fred Hutchinson Cancer Research Center in the development of proprietary chimeric antigen receptor (CAR) engineered T cell (CAR T) therapies across many cancers. Mustang’s lead programs are in Phase 1 clinical trials at COH: MB-101 for the treatment of brain cancer and MB-102 as a therapeutic agent in acute myeloid leukemia. Mustang is registered under the Securities Exchange Act of 1934, as amended, and files periodic reports with the U.S. Securities and Exchange Commission. For more information, visit www.mustangbio.com.
About Fortress Biotech
Fortress Biotech, Inc. (“Fortress”) is a biopharmaceutical company dedicated to acquiring, developing and commercializing novel pharmaceutical and biotechnology products. Fortress develops and commercializes products both within Fortress and through certain of its subsidiary companies, also known as Fortress Companies. In addition to its internal development programs, Fortress leverages its biopharmaceutical business expertise and drug development capabilities and provides funding and management services to help the Fortress Companies achieve their goals. Fortress and the Fortress Companies may seek licensing arrangements, acquisitions, partnerships, joint ventures and/or public and private financings to accelerate and provide additional funding to support their research and development programs. For more information, visit www.fortressbiotech.com.
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.
Mustang Bio, Inc.
Fortress Biotech Media Relations
MUSTANG BIO, INC.
CONDENSED BALANCE SHEETS
($ in thousands, except for share and per share amounts)
|September 30, 2017||December 31, 2016|
|Cash and cash equivalents||$||33,209||$||27,499|
|Short-term investments (certificates of deposit) - held to maturity||34,088||-|
|Total current assets||67,746||27,499|
|Property and equipment||139||-|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts payable and accrued expenses||$||2,723||$||683|
|Common shares issuable liability||-||1,682|
|Payables and accrued expenses - related party||69||445|
|Accrued interest - related party||-||413|
|Total Current Liabilities||2,792||3,223|
|Commitments and Contingencies|
|Preferred stock ($0.0001 par value), 2,000,000 shares authorized, 250,000 shares of Class A preferred stock issued and outstanding as of September 30, 2017 and December 31, 2016, respectively||-||-|
|Common Stock ($0.0001 par value), 50,000,000 shares authorized|
|Class A common shares, 1,000,000 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively||-||-|
|Common shares, 25,232,139 and 15,165,244 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively||3||2|
|Common stock issuable, 0 and 767,264 shares as of September 30, 2017 and December 31, 2016, respectively||-||4,396|
|Additional paid-in capital||97,897||36,998|
|Total Stockholders’ Equity||65,093||24,276|
|Total Liabilities and Stockholders’ Equity||$||67,885||$||27,499|
MUSTANG BIO, INC.
CONDENSED STATEMENTS OF OPERATIONS
($ in thousands, except for share and per share amounts)
|For the three months ended September 30,||For the nine months ended September 30,|
|Research and development||$||2,188||$||569||$||5,388||$||1,718|
|Research and development – licenses acquired||300||-||2,375||-|
|General and administrative||4,596||1,101||8,293||1,814|
|Total operating expenses||7,084||1,670||16,056||3,532|
|Loss from operations||(7,084||)||(1,670||)||(16,056||)||(3,532||)|
|Other income (expense)|
|Interest expense - related party||-||(46||)||-||(220||)|
|Change in fair value of derivative liabilities||-||2||-||2|
|Total other income (expense)||144||(200||)||369||(374||)|
|Net loss per common share outstanding, basic and diluted||$||(0.27||)||$||(0.19||)||$||(0.63||)||$||(0.39||)|
|Weighted average number of common shares outstanding, basic and diluted||26,186,924||10,089,269||24,936,626||10,130,338|
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