On May 14, 2021 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, reported financial results and recent corporate highlights for the first quarter ended March 31, 2021 (Press release, Mustang Bio, MAY 14, 2021, View Source [SID1234580016]).
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Manuel Litchman, M.D., President and Chief Executive Officer of Mustang, said, "In the first quarter of 2021, we successfully executed our clinical and regulatory strategies and achieved milestones that we believe will drive Mustang’s continued progress. We announced encouraging MB-107 and MB-207 clinical updates from our investigator-IND trials for X-Linked Severe Combined Immunodeficiency ("XSCID"), as well as additional consistent safety and efficacy data pertaining to our lentiviral vector gene therapies that we have seen over the more than eight years since the first patient was treated in 2012. In January, the U.S. Food and Drug Administration ("FDA") lifted a Chemistry, Manufacturing and Controls ("CMC") hold on the MB-107 Investigational New Drug ("IND") application for newly diagnosed infants under the age of two and we expect to dose the first infant in the multicenter trial soon. We also plan to file an IND for our MB-207 clinical trial for patients with XSCID who have been previously treated with hematopoietic stem cell transplantation ("HSCT") and for whom re-treatment is indicated."
Dr. Litchman continued, "Notably, we are thrilled with the progress of our MB-106 CD20-targeted CAR T cell therapy program for relapsed or refractory CD20+ B-cell non-Hodgkin lymphomas ("B-NHL") and chronic lymphocytic leukemia ("CLL"). Earlier this month, we announced that the FDA approved Mustang’s IND to initiate a multicenter Phase 1/2 clinical trial investigating the safety and efficacy of MB-106 for relapsed or refractory CD20+ B-NHL and CLL. Also, we look forward to the Fred Hutchinson Cancer Research Center presentation at the European Hematology Association (EHA) (Free EHA Whitepaper) 2021 ("EHA2021") Virtual Congress next month, where Dr. Mazyar Shadman will present updated interim data from their ongoing CD20-targeted CAR T clinical trial. We are very pleased to have three active Mustang-sponsored INDs, and we anticipate having four active Mustang-sponsored INDs by the end of the year."
Financial Results:
As of March 31, 2021, Mustang’s cash and cash equivalents and restricted cash totaled $130.4 million, compared to $98.8 million as of December 31, 2020, an increase of $31.6 million year-to-date.
Research and development expenses including license acquisitions were $11.6 million for the first quarter of 2021, compared to $9.6 million for the first quarter of 2020. Non-cash, stock-based expenses included in research and development were $0.7 million for the first quarter of 2021, compared to $0.4 million for the first quarter of 2020.
General and administrative expenses were $3.5 million for the first quarter of 2021, compared to $2.0 million for the first quarter of 2020. Non-cash, stock-based expenses included in general and administrative expenses were $1.5 million for the first quarter of 2021, compared to $0.5 million for the first quarter of 2020.
Net loss attributable to common stockholders was $15.0 million, or $0.19 per share, for the first quarter of 2021, compared to a net loss attributable to common stockholders of $11.9 million, or $0.28 per share, for the first quarter of 2020.
Recent Corporate Highlights:
In February 2021, Mustang announced encouraging MB-107 and MB-207 clinical updates from its investigator-IND XSCID trials, as well as additional consistent safety and efficacy data. On January 28, 2021, the FDA removed a CMC hold on the MB-107 Phase 2 clinical trial IND after reviewing a comprehensive CMC package that was submitted by Mustang in late December 2020. The company expects to enroll the first patient in this pivotal multicenter trial in the second quarter of 2021 and is targeting topline data from the trial in the second half of 2022. The company also expects to file an IND in the second quarter of 2021 for its pivotal multicenter Phase 2 clinical trial of MB-207.
In May 2021, Mustang announced that the FDA approved its IND application to initiate a multicenter Phase 1/2 clinical trial investigating the safety and efficacy of MB-106, a CD20-targeted CAR T therapy for high-risk B-NHL and CLL.
Also in May 2021, Mustang announced that CD20-targeted CAR T therapy data were selected for presentation at the EHA (Free EHA Whitepaper)2021 Virtual Congress scheduled to take place in June. Dr. Mazyar Shadman of Fred Hutch will present updated interim data from the ongoing Phase 1/2 clinical trial for B-NHL and CLL. A copy of the abstract can be viewed online through the EHA (Free EHA Whitepaper)2021 website here.