Mustang Bio exits lease for Massachusetts facility, divests equipment

Mustang Bio (MBIO) announced the exit of the lease for its manufacturing facility in Worcester, Massachusetts and concurrent divestment of certain fixed assets including furniture and equipment to AbbVie Bioresearch Center (ABBV), for $1.0M. Mustang has relocated its corporate headquarters to 95 Sawyer Road, Waltham, Massachusetts. Mustang expects to continue to rely on its academic partners and future contract manufacturing relationships to support clinical trials. As a result of the termination of its lease, the company expects savings of approximately $2M of cash expenses related to the lease over the next 24 months.