(RTTNews) – Mustang Bio, Inc. (MBIO), on Friday announced that it has exited its lease for the manufacturing facility in Worcester, Massachusetts, and sold certain fixed assets, including furniture and equipment, to AbbVie Bioresearch Center Inc. for $1.0 million.
As part of the restructuring, Mustang has relocated its corporate headquarters to Waltham, Massachusetts.
The company expects to save approximately $2.0 million in lease-related expenses over the next 24 months.
Despite the exit from the facility, Mustang Bio remains committed to advancing its existing portfolio, with plans to initiate a novel clinical trial in the second half of 2025 for MB-109, a combination therapy for recurrent glioblastoma and high-grade astrocytomas.
MB-109 combines MB-108 (HSV-1 oncolytic virus) and MB-101 (IL13Ra2-targeted CAR-T cell therapy) to potentially enhance the effectiveness of CAR-T therapy by reshaping the tumor microenvironment, allowing for better infiltration and activation of CAR-T cells.
MBIO closed Thursday’s (Feb.27 2025) trading at $2.74, down by 1.74 percent. In premarket trading Friday, the stock is down by 21.89 percent at $2.15 on the Nasdaq.
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