WORCESTER - Mustang Bio, Inc. ( Mustang ) (Nasdaq: MBIO), a clinical-stage biopharmaceutical company focused on translating today s medical breakthroughs in cell and gene therapies into potential cures for difficult-to-treat cancers and rare genetic diseases, today announced updated encouraging safety and efficacy data from Mustang s multicenter Phase clinical trial of MB-106, a CD20-targeted, 3rd-generation autologous CAR T-cell therapy for patients with relapsed or refractory B-cell non-Hodgkin lymphomas and chronic lymphocytic leukemia.

The data were presented during a poster session on December 9th (Abstract #2102) at the 65th American Society of Hematology ( ASH ) Annual Meeting and build upon previously reported data from a single-institution Phase clinical trial conducted at Fred Hutchinson Cancer Center ( Fred Hutch ). MB-106 is being developed in a collaboration between Mustang and Fred Hutch.

All nine patients have responded clinically to treatment in this multicenter trial and the safety and efficacy profile of MB-106 appears to be consistent with the original single-institution trial. It is especially encouraging that complete responses were observed in all patients with follicular lymphoma in this multicenter trial, said Mazyar Shadman, M.D., M.P.H., Study Chair, Innovators Network Endowed Chair at Fred Hutch, Associate Professor and physician at Fred Hutch and University of Washington. One patient with follicular lymphoma who had six prior treatments including CD19-targeted CAR T-cell therapy experienced a complete response for the first time with no cytokine release syndrome (CRS) or immune effector cell-associated neurotoxicity syndrome (ICANS).

Highlights from the data include: All patients responded clinically to treatment with MB-106 (n=9); 100% overall response rate for patients with follicular lymphoma ( FL ) and Waldenstrom macroglobulinemia ( WM )

100% of patients with FL (n=5) had a complete response; 1 very good partial response and 2 partial responses were observed in WM patients (n=3) and the hairy cell leukemia variant ( HCL-v ) patient experienced stable disease, with prolonged, ongoing independence from blood transfusions

Complete responses observed in patients previously treated with CD19-targeted CAR T-cell therapy

MB-106 has a tolerable safety profile in patients with indolent NHL, with no occurrence of CRS above grade 1, and no ICANS of any grade, despite not using prophylactic tocilizumab or dexamethasone

Outpatient administration was allowed and found to be feasible

MB-106 CAR T-cell expansion and persistence in patients was demonstrated

About Mustang Bio

Mustang Bio, Inc. is a clinical-stage biopharmaceutical company focused on translating today s medical breakthroughs in cell and gene therapies into potential cures for difficult-to-treat cancers and rare genetic diseases. Mustang aims to acquire rights to these technologies by licensing or otherwise acquiring an ownership interest, to fund research and development, and to outlicense or bring the technologies to market. Mustang has partnered with top medical institutions to advance the development of CAR-T therapies across multiple cancers, as well as lentiviral gene therapies for severe combined immunodeficiency. Mustang s common stock is registered under the Securities Exchange Act of 1934, as amended, and Mustang files periodic reports with the U.S. Securities and Exchange Commission ( SEC ). Mustang was founded by Fortress Biotech, Inc. (Nasdaq: FBIO).

Forward Looking Statements

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Contact:

Jaclyn Jaffe

Tel: (781) 652-4500

Email: ir@mustangbio.com

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