By Stephen Nakrosis
Mustang Bio Inc. on Thursday said it would work with the Mayo Clinic on a novel CAR T technology which can potentially be used as an off-the-shelf therapy.
Under an exclusive license agreement with Mayo Clinic, Mustang said, it will work on "a novel technology that may be able to transform the administration of chimeric antigen receptor engineered T cell therapies."
Manuel Litchman, president and chief executive of Mustang, said, "We are excited by the possibilities that this novel technology has to offer given our ongoing development of CAR T cell therapies in hematologic and solid tumor cancers." He also said "the potential use of this technology to facilitate how these treatments are delivered to patients can lead to earlier treatment post diagnosis, and using an off-the-shelf therapy may reduce the cost of care, all of which would help bring more innovative treatments to a broader base of patients in need."
Mustang said development of the technology would take place at the Mayo Clinic. The company also said it plans to file an investigational new drug application for "a multicenter Phase 1 clinical trial once a lead construct has been identified."
At 6 p.m. ET, shares of Mustang Bio were trading 5.04% higher at $2.92 a share. Volume at the time topped 281,000 shares.
The stock finished the day's regular-trading session with a 12.07% loss, closing at $2.78.
-Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
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