BRIEF—Mustang Bio gets $75 million loan to develop cell and gene therapies

US cell and gene therapy company Mustang Bio has announced the completion of a $75 million long-term debt facility with Runway Growth Capital.

Manuel Litchman, president and chief executive of Mustang, said: “This financing provides us with enhanced financial flexibility as we continue to develop our gene and cell therapies in our fully integrated cell processing facility in Worcester, Massachussets, that has capacity to launch at commercial scale.

“We expect to initiate two Mustang-sponsored multicenter pivotal clinical trials and one Mustang-sponsored multicenter Phase I/II clinical trial in 2022. Additionally, we anticipate multiple investigator-IND gene and CAR T cell therapy interim data readouts across our pipeline this year.

“Partnering with Runway, a prominent provider of growth loans with an extensive history of supporting innovative life science companies, bolsters our cash position and supports Mustang’s growth trajectory while furthering our mission of bringing potentially life-saving treatments to patients in need.”