Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 9

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 9
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 Children’s Hospital (“Nationwide”).

CAR T Therapies

Our pipeline of CAR T therapies is being developed
under exclusive licenses from several world class research institutions. Our strategy is to license these technologies, support preclinical
and clinical research activities by our partners and transfer the underlying technology to our or our contract manufacturer’s cell
processing facility in order to conduct our own clinical trials.

We are developing CAR T therapy for solid tumors
in partnership with COH targeting IL13Rα2 (MB-101). In addition, we have partnered with Nationwide for a herpes simplex virus type
1 (“HSV-1”) oncolytic virus (MB-108) in order to enhance the activity of MB-101 for the treatment of patients with high-grade
malignant brain tumors. The Phase 1 clinical trial sponsored by COH for MB-101 (ClinicalTrials.gov Identifier: NCT02208362) has completed
the treatment phase and patients continue to be assessed for long-term safety. A Phase 1 clinical trial sponsored by the University of
Alabama at Birmingham (“UAB”) for MB-108 (ClinicalTrials.gov Identifier: NCT03657576) has also completed the treatment phase
and patients continue to be assessed for long-term safety. In October 2023, we announced that the FDA accepted our IND application for
the combination of MB-101 and MB-108 – which is referred to as MB-109 – for the treatment of patients with IL13Rα2+ relapsed
or refractory glioblastoma (“GBM”) and high-grade astrocytoma. Pursuant to termination of the lease of our cell processing
facility in Worcester, MA, we are exploring with COH and Nationwide the possibility of initiating this clinical trial as an investigator-sponsored
single-institution study at COH in the fourth quarter of 2025.

We are also developing CAR T therapy for hematologic
malignancies and autoimmune diseases in partnership with Fred Hutch targeting CD20 (MB-106). In May 2021, we announced that the U.S. Food
and Drug Administration (“FDA”) accepted our Investigational New Drug (“IND”) Application for MB-106. As of March
1, 2025, 53 patients have been treated in an ongoing Phase 1 clinical trial sponsored by Fred Hutch (ClinicalTrials.gov Identifier: NCT03277729)
and 20 patients have been treated in the Phase 1 clinical trial sponsored by us (ClinicalTrials.gov Identifier