Mustang Bio Announces Appointment of Manuel Litchman, M.D., as President and Chief Executive Officer
April 24 2017 - 8:00AM
Mustang Bio, Inc. (“Mustang”), a Fortress Biotech (NASDAQ:FBIO)
Company, today announced that Manuel Litchman, M.D., has been
appointed President and Chief Executive Officer. Dr. Litchman has
also joined Mustang’s Board of Directors. Michael S. Weiss, who
oversaw Mustang’s corporate operations on an interim basis, will
continue to serve as Chairman of the Board of Directors.
Mr. Weiss said, “We are pleased to welcome Manny
as Chief Executive Officer. He has more than 25 years of experience
in all facets of the oncology industry, including proven success
building and advancing oncology programs from early-stage to
commercialization. Manny’s strong background in executive
leadership and expertise in the development of CAR T therapies will
benefit Mustang as we advance our lead CAR T immunotherapies in
clinical trials and explore opportunities to expand our
pipeline.”
Dr. Litchman joins Mustang from Arvinas, LLC,
where he served as President and Chief Executive Officer. While at
Arvinas, Dr. Litchman oversaw the advancement of the company’s
pipeline of protein-degradation therapeutics for the treatment of
cancers and other diseases toward Investigational New Drug
applications, as well as the execution of multi-target discovery
collaborations with Merck and Genentech.
Prior to Arvinas, Dr. Litchman spent more than
18 years with Novartis Pharmaceuticals Corporation, where he held
positions of increasing responsibility related to the development
of Novartis’ oncology pipeline. Most recently, Dr. Litchman served
as Senior Vice President and Executive Global Program Head, CTL019,
Cell & Gene Therapies Unit, where he led a collaboration with
the University of Pennsylvania investigating chimeric antigen
receptor modified T cells (CAR Ts) directed against CD19 on B cell
malignancies. Prior to the CTL019 collaboration, Dr. Litchman
served as Novartis’ Vice President and Head, Oncology Business
Development & Licensing.
Earlier in his career, Dr. Litchman was a senior
equity analyst at Ursus Capital and directed oncology / immunology
clinical research at Hoffmann-La Roche Inc. Dr. Litchman received
his M.D. from Yale University School of Medicine, and his B.A. from
Princeton University. He completed his internal medicine residency
and hematology-oncology fellowship at New York-Presbyterian
Hospital / Weill Cornell Medical Center.
Dr. Litchman stated, “I believe Mustang has the
pieces in place to be an emerging leader in the CAR T field. The
company’s clinical programs have the potential to provide benefits
in multiple cancers, and its lead program, MB-101, has already
generated an unprecedented complete response in a glioblastoma
patient enrolled in a Phase 1 trial. Moreover, I believe Mustang’s
research collaboration with City of Hope will continue to support
development of its pipeline candidates. I look forward to working
with the Mustang team to help advance its lead assets though
clinical trials, and build value through the application of its CAR
Ts in new indications and product acquisitions that complement the
company’s pipeline.”
About Mustang Bio Mustang
Bio, Inc., a subsidiary of Fortress Biotech, Inc., is a
clinical‐stage biopharmaceutical company focused on the development
and commercialization of novel cancer immunotherapy products
designed to utilize the power of the patient’s own immune system to
eliminate cancer cells. Mustang aims to acquire rights to these
technologies by licensing or otherwise acquiring an ownership
interest in the technologies, funding their research and
development, and outlicensing or bringing the technologies to
market. Mustang is currently developing proprietary chimeric
antigen receptor (CAR) engineered T cells (CAR T) technology, which
was licensed from Drs. Stephen Forman and Christine Brown’s
laboratory at the City of Hope National Medical Center (COH). CAR T
uses the patient’s own T cells to engage and destroy specific
tumors, by selecting specific T cell subtypes, genetically
engineering them to express chimeric antigen T cell receptors and
placing them back in the patient where they recognize and destroy
cancer cells. Mustang, through a research agreement with COH, plans
to develop CARs across multiple cancers. Its lead programs in acute
myeloid leukemia and brain cancer are in Phase 1 clinical trials.
Mustang is registered under the Securities Exchange Act of 1934, as
amended, and files periodic reports with the U.S. Securities and
Exchange Commission. For more information, visit
www.mustangbio.com.
About Fortress BiotechFortress
Biotech, Inc. (“Fortress”) is a biopharmaceutical company dedicated
to acquiring, developing and commercializing novel pharmaceutical
and biotechnology products. Fortress develops and commercializes
products both within Fortress and through certain of its subsidiary
companies, also known as Fortress Companies. Additionally, Fortress
recently acquired a controlling interest in National Holdings
Corporation (NASDAQ: NHLD), a diversified independent brokerage
company (together with its subsidiaries, “NHLD”). In addition to
its internal development programs, Fortress leverages its
biopharmaceutical business expertise and drug development
capabilities and provides funding and management services to help
the Fortress Companies achieve their goals. Fortress and the
Fortress Companies may seek licensings, acquisitions, partnerships,
joint ventures and/or public and private financings to accelerate
and provide additional funding to support their research and
development programs. For more information, visit
www.fortressbiotech.com.
Forward-Looking StatementsThis
press release may contain “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, each as amended. Such
statements include, but are not limited to, any statements relating
to our growth strategy and product development programs and any
other statements that are not historical facts. Forward-looking
statements are based on management’s current expectations and are
subject to risks and uncertainties that could negatively affect our
business, operating results, financial condition and stock value.
Factors that could cause actual results to differ materially from
those currently anticipated include: risks relating to our growth
strategy; risks relating to the results of research and development
activities; risks relating to the timing of starting and completing
clinical trials; our ability to obtain, perform under and maintain
financing and strategic agreements and relationships; uncertainties
relating to preclinical and clinical testing; our dependence on
third-party suppliers; our ability to attract, integrate and retain
key personnel; the early stage of products under development; our
need for substantial additional funds; government regulation;
patent and intellectual property matters; competition; as well as
other risks described in our SEC filings. We expressly disclaim any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in our expectations or any changes in events,
conditions or circumstances on which any such statement is based,
except as required by law.
Contacts:
Jaclyn Jaffe
Mustang Bio, Inc.
(781) 652‐4500
ir@mustangbio.com
Fortress Biotech Media Relations
Laura Bagby
6 Degrees
(312) 448-8098
lbagby@6degreespr.com
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