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Mustang Bio Announces Pricing of Public Offering of Common Stock
WORCESTER, Mass., June 11, 2020 (GLOBE NEWSWIRE) -- Mustang Bio, Inc. (“Mustang”) (NASDAQ: MBIO), a clinical-stage biopharmaceutical company focused on
About this update from Mustang Bio, Inc.
[{"type":"text","content":"WORCESTER, Mass., June 11, 2020 (GLOBE NEWSWIRE) -- 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, today announced the pricing of its previously announced underwritten public offering. Mustang is offering 10,769,231 shares of its common stock, par value $0.0001 per share, at a price to the public of $3.25 per share. In connection with the offering, Mustang has also granted the underwriter a 30-day option to purchase up to an additional 1,615,384 shares of common stock offered in the public offering, at the same public offering price per share.\n Cantor Fitzgerald & Co. is acting as the sole book running manager for the offering. The Company expects to receive gross proceeds from the offering, excluding the exercise of the underwriter’s option, if any, of $35.0 million, excluding underwriting discounts and commissions and other offering-related expenses. Assuming the full exercise of the underwriter’s option, gross proceeds would be $40.3 million. Mustang intends to use the net proceeds from the offering primarily for the continued development of its product candidates, the potential in-license, acquisition, development and commercialization of other pharmaceutical products and for general corporate purposes. The offering is expected to close on June 15, 2020, subject to customary closing conditions. Following the offering and assuming the full exercise of the underwriter’s option, Mustang expects to have a total of approximately $90 million in cash, net of underwriting discounts but excluding other offering-related expenses. A shelf registration statement on Form S‐3 (File. No. 333-233350) (the “Registration Statement”) relating to the shares of common stock being offered was filed with the U.S. Securities and Exchange Commission (SEC) and was declared effective on September 30, 2019. Copies of the preliminary prospectus supplement and accompanying prospectus, when available, may be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Ave., 6th Floor, New York, New York 10022, or by e-mail at [email protected]; or the on the SEC’s website at http://www.sec.gov. The offering will be made only by mea...