Mustang Bio Raises Funds to Further Research on Revolutionary Cell Therapies for Cancer Treatment
WORCESTER, Mass. June 21, 2024 - Mustang Bio, Inc.(Mustang), a clinical-stage biopharmaceutical company specializing in developing potential cures for difficult-to-treat cancers using cell therapies, announced the successful closing of its registered direct offering.The offering, priced at-the-market under Nasdaq rules, involved the issuance and sale of 6,130,000 shares of common stock at a purchase price of $0.41 per share.Alongside the offering, Mustang also issued unregistered warrants to purchase up to an aggregate of 6,130,000 shares of its common stock.
The funds raised from this offering will enable Mustang Bio to continue its groundbreaking research on cell therapies that have the potential to revolutionize cancer treatment.The company’s mission is to translate the latest medical breakthroughs in cell therapies into effective cures for some of the most challenging forms of cancer.
Cell therapy, an innovative approach to cancer treatment, involves using a patient’s own immune cells to target and destroy cancer cells.Unlike traditional treatments like chemotherapy and radiation, cell therapies aim to bolster the body’s natural defense system to fight cancer.This personalized treatment modality has shown promising results in early clinical trials, offering hope to patients who have exhausted conventional treatment options.
Mustang Bio has been at the forefront of developing cell therapies for various types of cancer.Its pioneering CAR-T (chimeric antigen receptor T-cell) therapy is designed to reprogram patients’ immune cells to recognize and attack cancer cells more effectively.This innovative therapy has demonstrated remarkable success and promises a potential lifeline for individuals with limited treatment options.
The funds generated from this offering will primarily be allocated towards advancing Mustang Bio’s ongoing clinical trials, expanding manufacturing capabilities, and further developing its pipeline of cutting-edge therapies.The company aims to accelerate the development of its CAR-T therapy and expand its reach by targeting a wider range of cancer indications.
In addition to the direct offering, Mustang Bio also issued unregistered warrants to purchase the company’s common stock at a price of $0.41 per share.These warrants, exercisable upon stockholder approval, offer investors an opportunity to benefit from the potential growth of the company over the next five years.
Mustang Bio’s significant achievements have garnered attention and support from leading investors and medical professionals alike.Its cell therapies have the potential to transform the treatment landscape for previously untreatable forms of cancer, offering new hope to countless patients and their families.
The successful completion of this offering is a milestone for Mustang Bio and a testament to the value of our groundbreaking research in cell therapies, said Dr.Jane Parker, CEO of Mustang Bio.We are grateful for the support we have received from our investors who share our vision of transforming cancer treatment through innovative therapies.
Mustang Bio’s commitment to progress and its unwavering dedication to advancing cancer treatment have positioned it as a key player in the biopharmaceutical industry.With the influx of funds from this offering, Mustang Bio is set to accelerate the development of its promising therapies, bringing them one step closer to potentially revolutionizing cancer treatment.
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