NEW YORK – Cell therapy developer Mustang Bio on Monday said it has closed a public offering of about $8 million.
The Worcester, Massachusetts-based biopharma company said it has issued and sold 2,657,807 shares of its common stock at a combined public offering price of $3.01 per share, including Series C-1 and Series C-2 warrants that give holders the right to purchase stock within five years and two years from the date of stockholder approval, respectively.
The gross proceeds from this public offering, before deducting fees and other expenses, were an estimated $8 million, which Mustang will use for working capital and general corporate purposes.
Mustang is advancing a pipeline of cell therapies for cancers and autoimmune diseases, including preclinical testing of a CD20-targeted autologous CAR T-cell therapy, MB-106, in autoimmune diseases.
H.C. Wainwright served as the exclusive placement agent for the public offering.