Mustang Bio, Inc., a biopharmaceutical company headquartered in Worcester, has announced $75 million in debt refinancing.
The firm completed the financing with Runway Growth Capital LLC of California. According to Mustang President and CEO Manuel Litchman, the refinancing will be used to support ongoing product candidates as well as for working capital.
“This financing provides us with enhanced financial flexibility as we continue to develop our gene and cell therapies in our fully integrated cell processing facility in Worcester, Mass. that has capacity to launch at commercial scale,” said Litchman, in a statement.
Of the $75-million loan, $30 million was funded upon closing. The additional $45 million available under the facility may be funded upon Mustang’s achieving certain predetermined milestones, according to the release.
