MBIO Mustang Bio Inc

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 difficult-to-treat cancers and rare genetic diseases, today announced its expansion into autoimmune diseases with MB-106, a personalized CD20-targeted, 3rd-generation autologous CAR T-cell therapy. MB-106 is being developed in a collaboration between Mustang and Fred Hutchinson Cancer Center (“Fred Hutch”). Mustang and Fred Hutch are in preliminary discussions to explore a potential Phase 1 investigator-sponsored clinical trial to evaluate MB-106 for the treatment of autoimmune diseases.

“Mustang is leveraging its expertise in developing cell therapies to explore a new frontier in patient care,” said Manuel Litchman, M.D., President and Chief Executive Officer of Mustang. “MB-106’s observed safety profile, encouraging efficacy data, and our robust manufacturing capabilities have the potential to translate to improved outcomes for patients with autoimmune diseases. We believe an investigator-sponsored clinical trial is the fastest and most cost-effective way to embark on this program and aim to enroll the first patient in a Phase 1 trial in the fourth quarter of this year to demonstrate clinical proof-of-concept. We are in discussions with Fred Hutch to determine the autoimmune indication(s) we plan to pursue in the first trial and look forward to sharing more details in the near future.”

This expansion is supported by promising scientific evidence. Several antibody therapies targeting CD20 on B-cells have successfully transitioned from cancer to autoimmune diseases, such as rituximab for both lymphoma and rheumatoid arthritis. Additionally, clinical studies with CAR-T therapies have already demonstrated early success in the treatment of autoimmune conditions, with published reports showing remission in patients with refractory systemic lupus erythematosus and other autoimmune diseases.

MB-106 is currently in a Mustang-sponsored multicenter Phase 1/2 clinical trial for relapsed or refractory B-cell non-Hodgkin lymphomas (“NHL”) and chronic lymphocytic leukemia (“CLL”). Mustang expects to enroll the first patient in a registrational study evaluating MB-106 for Waldenstrom macroglobulinemia (“WM”), a rare type of B-Cell NHL, in the second half of this year.

Dr. Litchman continued, “Data from the MB-106 Phase 1/2 multicenter trial presented at the recent 65th American Society of Hematology Annual Meeting demonstrate strong clinical activity and a favorable safety profile, establishing feasibility of outpatient administration and building a foundation for the treatment of autoimmune diseases, where tolerance for the more severe toxicities observed with approved CAR-Ts is lower. Mustang believes MB-106 has the potential to bring personalized CAR T-cell therapy to a broader patient population through the expansion of indications and accessibility.”

Scientists at Fred Hutch played a role in developing these discoveries, and Fred Hutch and certain of its scientists may benefit financially from this work in the future.

About Mustang Bio

Mustang Bio, Inc. is a clinical-stage biopharmaceutical company focused on translating today’s medical breakthroughs in cell and gene therapies into potential cures for difficult-to-treat cancers and rare genetic diseases. Mustang aims to acquire rights to these technologies by licensing or otherwise acquiring an ownership interest, to fund research and development, and to outlicense or bring the technologies to market. Mustang has partnered with top medical institutions to advance the development of CAR-T therapies across multiple cancers, as well as lentiviral gene therapies for severe combined immunodeficiency. Mustang’s common stock is registered under the Securities Exchange Act of 1934, as amended, and Mustang files periodic reports with the U.S. Securities and Exchange Commission (“SEC”). Mustang was founded by Fortress Biotech, Inc. (Nasdaq: FBIO). For more information, visit www.mustangbio.com.

Forward‐Looking Statements

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Company Contacts:Jaclyn Jaffe and Nicole McCloskeyMustang Bio, Inc.(781) 652-4500ir@mustangbio.com