aibioMustang Bio sells fixed assets to AbbVie for $1.0 million and exits Worcester facility
Tickers MBIO
The company expects about $2.0 million in lease savings over 24 months. It has moved its headquarters to Waltham, Massachusetts.
Key facts
- Company
- Mustang Bio, Inc. (NASDAQ: MBIO)
- News type
- Mergers
- Primary source
- Mustang Bio, Inc. 8-K (2025-02-27)
Mustang Bio, Inc. (Nasdaq: MBIO) said on February 27, 2025 that it exited the lease for its manufacturing facility in Worcester, Massachusetts. It also sold certain fixed assets, including furniture and equipment, to AbbVie Bioresearch Center Inc. for $1.0 million.
According to the press release filed with an 8-K, Mustang expects to save approximately $2.0 million of cash expenses tied to the lease over the next 24 months. The company has moved its corporate headquarters to 95 Sawyer Road, Waltham, Massachusetts.
Without its own plant, Mustang expects to rely on academic partners and future contract manufacturing relationships to support clinical trials.
The company said it remains focused on its existing portfolio. It expects to support and start a new clinical trial in the second half of 2025 with MB-109 for recurrent glioblastoma and high-grade astrocytomas.
Among the risks it lists, Mustang cites its need for substantial additional funds in the immediate future.