On May 15, 2017 Mustang Bio, Inc. ("Mustang"), 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, reported financial results and recent corporate highlights for the quarter ended March 31, 2017 (Press release, Fortress Biotech, MAY 14, 2017, View Source;FID=1500099742 [SID1234519140]).
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Dr. Manuel Litchman, President and Chief Executive Officer of Mustang, said, "In the first quarter of 2017, Mustang strengthened our position as an emerging leader in the CAR T field with key milestones that will enable us to advance the development of meaningful therapies. From October 2016 to March 2017, we secured roughly $95.0 million in private placement financings to support the clinical progress of our lead CAR T therapies, MB-101 and MB-102, and our expansion into new CAR Ts and therapeutic indications. In addition, we entered into strategic licensing agreements that will allow us to build out our cancer detection and targeting applications. I was thrilled to join the team in April, and look forward to continuing to deliver on milestones that validate Mustang’s therapeutic potential."
Financial Results:
As of March 31, 2017, Mustang’s cash totaled $75.0 million compared to $27.5 million at December 31, 2016, an increase of $47.5 million for the quarter.
Research and development expenses were $0.7 million for the first quarter of 2017, compared to $0.6 million for the first quarter of 2016.
Research and development expenses from license acquisitions totaled $0.6 million for the first quarter of 2017, compared to $0 for the first quarter of 2016.
General and administrative expenses were $2.0 million for the first quarter of 2017, compared to $0.3 million for the first quarter of 2016.
Net loss attributable to common stockholders was $3.2 million, or $0.14 per share, for the first quarter of 2017. This compares to a net loss attributable to common stockholders of $0.9 million, or $0.09 per share, for the first quarter of 2016.
Recent Corporate Highlights:
From October 2016 to March 2017, Mustang closed on a total of approximately $95.0 million in private placement financings, prior to fees and expenses.
In February 2017, Mustang entered into three amended and restated exclusive patent license agreements with City of Hope ("COH") related to Mustang’s lead therapies IL13Rα2-specific CAR (MB-101) and CD123 CAR (MB-102), and to spacer technology to be used in the development of CAR T treatments. These agreements amended and replaced an original patent license agreement between Mustang and COH related to IL13Rα2, CD123 and spacer technology.
Also in February 2017, Mustang entered into an exclusive license agreement with COH to acquire intellectual property rights in patent applications related to the intraventricular and intracerebroventricular methods of delivering T cells that express CARs.
In March 2017, Mustang entered into an exclusive license agreement to acquire intellectual property rights in patent applications related to engineered anti-prostate stem cell antigen antibodies for cancer detection and targeting.
In April 2017, Mustang appointed Dr. Litchman as President and Chief Executive Officer, as well as a member of the Board of Directors.