Mustang Bio Announces Sale of Fixed Assets and Exit of Facility
Mustang Bio (NASDAQ: MBIO) has announced the sale of fixed assets and exit from its Worcester, Massachusetts manufacturing facility. The company sold furniture and equipment to AbbVie Bioresearch Center for $1.0 million and relocated its headquarters to Waltham, Massachusetts.
The strategic move is expected to generate $2.0 million in cash savings from lease expenses over the next 24 months. Moving forward, Mustang Bio will rely on academic partners and contract manufacturing relationships for clinical trial support.
The company remains committed to its portfolio advancement, particularly the planned initiation of a novel clinical trial combining MB-108 (HSV-1 oncolytic virus) and MB-101 (IL13Rα2‐targeted CAR-T cell therapy), known as MB-109, for treating recurrent glioblastoma and high-grade astrocytomas in H2 2025.
Mustang Bio (NASDAQ: MBIO) ha annunciato la vendita di beni fissi e l'uscita dalla sua struttura produttiva di Worcester, Massachusetts. L'azienda ha venduto mobili e attrezzature al Centro di Biorecerca AbbVie per 1,0 milioni di dollari e ha trasferito la sua sede a Waltham, Massachusetts.
Questa mossa strategica è prevista per generare 2,0 milioni di dollari di risparmi in contante sulle spese di affitto nei prossimi 24 mesi. In futuro, Mustang Bio si affiderà a partner accademici e relazioni di produzione contrattuale per il supporto agli studi clinici.
L'azienda rimane impegnata nell'avanzamento del suo portafoglio, in particolare nell'avvio pianificato di un nuovo studio clinico che combina MB-108 (virus oncolitico HSV-1) e MB-101 (terapia CAR-T mirata a IL13Rα2), noto come MB-109, per il trattamento del glioblastoma ricorrente e degli astrocitomi ad alto grado nella seconda metà del 2025.
Mustang Bio (NASDAQ: MBIO) ha anunciado la venta de activos fijos y su salida de la instalación de fabricación en Worcester, Massachusetts. La empresa vendió muebles y equipos al Centro de Bioresearch de AbbVie por 1,0 millones de dólares y trasladó su sede a Waltham, Massachusetts.
Se espera que este movimiento estratégico genere 2,0 millones de dólares en ahorros en efectivo por gastos de arrendamiento durante los próximos 24 meses. En adelante, Mustang Bio dependerá de socios académicos y relaciones de fabricación por contrato para el apoyo a ensayos clínicos.
La empresa sigue comprometida con el avance de su cartera, particularmente con el inicio planificado de un nuevo ensayo clínico que combina MB-108 (virus oncolítico HSV-1) y MB-101 (terapia CAR-T dirigida a IL13Rα2), conocido como MB-109, para el tratamiento de glioblastomas recurrentes y astrocitomas de alto grado en la segunda mitad de 2025.
머스탱 바이오 (NASDAQ: MBIO)는 매사추세츠주 우스터에 있는 제조 시설에서의 고정 자산 판매 및 퇴출을 발표했습니다. 이 회사는 앱비 바이오리서치 센터에 100만 달러에 가구와 장비를 판매하고 본사를 매사추세츠주 월섬으로 이전했습니다.
이 전략적 조치는 향후 24개월 동안 임대 비용에서 200만 달러의 현금 절감 효과를 가져올 것으로 예상됩니다. 앞으로 머스탱 바이오는 임상 시험 지원을 위해 학술 파트너 및 계약 제조 관계에 의존할 것입니다.
회사는 특히 MB-108 (HSV-1 온콜리틱 바이러스)와 MB-101 (IL13Rα2 표적 CAR-T 세포 치료)를 결합한 새로운 임상 시험의 계획된 시작인 MB-109에 대한 포트폴리오 발전에 전념하고 있습니다. 이 시험은 2025년 하반기에 재발성 교모세포종 및 고등급 별아교세포종 치료를 위해 진행될 예정입니다.
Mustang Bio (NASDAQ: MBIO) a annoncé la vente d'actifs fixes et son retrait de son usine de fabrication à Worcester, Massachusetts. L'entreprise a vendu des meubles et des équipements au Centre de Biorecherche AbbVie pour 1,0 million de dollars et a déplacé son siège à Waltham, Massachusetts.
Ce mouvement stratégique devrait générer 2,0 millions de dollars d'économies en espèces sur les frais de location au cours des 24 prochains mois. À l'avenir, Mustang Bio s'appuiera sur des partenaires académiques et des relations de fabrication contractuelles pour le soutien aux essais cliniques.
L'entreprise reste engagée dans l'avancement de son portefeuille, en particulier le lancement prévu d'un nouvel essai clinique combinant MB-108 (virus oncolytique HSV-1) et MB-101 (thérapie CAR-T ciblant IL13Rα2), connu sous le nom de MB-109, pour le traitement des glioblastomes récurrents et des astrocytomes de haut grade dans la seconde moitié de 2025.
Mustang Bio (NASDAQ: MBIO) hat den Verkauf von Anlagevermögen und den Rückzug aus seiner Produktionsstätte in Worcester, Massachusetts, bekannt gegeben. Das Unternehmen verkaufte Möbel und Ausrüstung an das AbbVie Bioresearch Center für 1,0 Millionen Dollar und verlegte seinen Hauptsitz nach Waltham, Massachusetts.
Dieser strategische Schritt wird voraussichtlich 2,0 Millionen Dollar an Barersparnissen bei Mietkosten in den nächsten 24 Monaten generieren. Zukünftig wird sich Mustang Bio auf akademische Partner und vertragliche Fertigungsbeziehungen zur Unterstützung klinischer Studien verlassen.
Das Unternehmen bleibt dem Fortschritt seines Portfolios verpflichtet, insbesondere dem geplanten Start einer neuen klinischen Studie, die MB-108 (HSV-1-onkolytisches Virus) und MB-101 (IL13Rα2-zielgerichtete CAR-T-Zelltherapie) kombiniert, bekannt als MB-109, zur Behandlung von wiederkehrendem Glioblastom und hochgradigen Astrozytomen in der zweiten Hälfte von 2025.
- Sale of fixed assets to AbbVie for $1.0M
- Expected $2.0M cash savings over 24 months from lease termination
- Cost reduction through elimination of manufacturing facility expenses
- Loss of in-house manufacturing capabilities
- Increased dependency on external partners for manufacturing
WALTHAM, Mass., Feb. 27, 2025 (GLOBE NEWSWIRE) -- Mustang Bio, Inc. (“Mustang” or the “Company”) (Nasdaq: MBIO), a clinical-stage biopharmaceutical company focused on translating today’s medical breakthroughs in cell therapies into potential cures for difficult-to-treat cancers, today announced the exit of the lease for its manufacturing facility in Worcester, Massachusetts and concurrent divestment of certain fixed assets including furniture and equipment to AbbVie Bioresearch Center Inc., a Delaware corporation (“AbbVie”), for
Mustang has relocated its corporate headquarters to 95 Sawyer Road, Waltham, Massachusetts.
Mustang expects to continue to rely on its academic partners and future contract manufacturing relationships to support clinical trials. As a result of the termination of its lease, the Company expects savings of approximately
The Company remains focused on advancing its existing portfolio and anticipates supporting and initiating a novel clinical trial with MB-109, a combination therapy of MB-108 (HSV-1 oncolytic virus) and MB-101 (IL13Rα2‐targeted CAR-T cell therapy) for the treatment of recurrent glioblastoma (“GBM”) and high-grade astrocytomas in the second half of 2025.
About MB-109 (MB-101 (IL13Rα2 targeted CAR-T cells) + MB-108 oncolytic virus)
MB-109 is Mustang’s designation for the treatment regimen combining MB-101 (IL13Rα2‐targeted CAR-T cell therapy licensed from City of Hope) with MB-108 (HSV-1 oncolytic virus licensed from Nationwide Children’s Hospital). The combination is designed to leverage MB-108 to make immunologically “cold” tumors “hot” and potentially improve the efficacy of MB-101 CAR-T cell therapy. MB-108 oncolytic virus is first injected to infect tumor cells which, in turn, leads to reshaping of the tumor microenvironment (“TME”) through recruitment of endogenous CD8- and CD3-positive effector T-cells. This inflamed TME potentially permits MB-101 CAR-T cells injected into and around the tumor to better infiltrate into and throughout the tumor mass, undergo activation and, ideally, effect tumor cell killing.
About Mustang Bio
Mustang Bio, Inc. is a clinical-stage biopharmaceutical company focused on translating today’s medical breakthroughs in cell therapies into potential cures for difficult-to-treat cancers. 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 therapies. Mustang’s common stock is registered under the Securities Exchange Act of 1934, as amended, and Mustang files periodic reports with the U.S. Securities and Exchange Commission (“SEC”). Mustang was founded by Fortress Biotech, Inc. (Nasdaq: FBIO). For more information, visit www.mustangbio.com.
Forward-Looking Statements
This press release contains “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, which are often indicated by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “look forward to,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions. The Company’s forward-looking statements, include, but are not limited to, any statements relating to our growth strategy and product development programs, including the timing of and our ability to make regulatory filings such as INDs and other applications and to obtain regulatory approvals for our product candidates, statements concerning the potential of therapies and product candidates and any other statements that are not historical facts. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties. Risks and uncertainties include, among other things, our need for substantial additional funds in the immediate future; risks that any actual or potential clinical trials may not initiate or complete in sufficient timeframes to advance the Company’s corporate objectives, or at all, or that any promising early results obtained therefrom may not be replicable; risks related to the satisfaction of the conditions necessary to transfer the lease of the Company’s manufacturing facility; disruption from the sale of the Company’s manufacturing facility making it more difficult to maintain business and operational relationships; negative effects of Company announcements on the market price of the Company’s common stock; the development stage of the Company’s primary product candidates; our ability to obtain, perform under, and maintain financing and strategic agreements and relationships; risks relating to the results of research and development activities; risks relating to the timing of starting and completing clinical trials; 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; government regulation; patent and intellectual property matters; competition; as well as other risks described in Part I, Item 1A, “Risk Factors,” in our Annual Report on Form 10-K filed on March 11, 2024, subsequent Quarterly Reports on Form 10-Q, and our other filings we make with the SEC. 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, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Company Contacts:
Jaclyn Jaffe and Nicole McCloskey
Mustang Bio, Inc.
(781) 652-4500
ir@mustangbio.com
FAQ
How much will Mustang Bio (MBIO) save from exiting its Worcester facility?
What assets did Mustang Bio (MBIO) sell to AbbVie and for how much?
Where has Mustang Bio (MBIO) relocated its headquarters?
What is Mustang Bio's (MBIO) plan for manufacturing support after facility exit?
What clinical trial is Mustang Bio (MBIO) planning for second half 2025?
