By Chris Wack
Mustang Bio shares were up 13% at $1.77 after the company received U.S. Food and Drug Administration acceptance for its Investigational New Drug application of MB-109 for the treatment of recurrent glioblastoma and high-grade astrocytoma.
The stock hit its 52-week low of $1.52 on Wednesday, and is down 77% in the past 12 months.
The biopharmaceutical company is planning to initiate a Phase 1 multicenter clinical trial at the University of Alabama at Birmingham to assess the safety, tolerability and efficacy of MB-109 in adult patients with recurrent GBM and high-grade astrocytomas.
Mustang said that FDA acceptance of the IND within 30 days of initial submission was positive for the potential treatment.
The Phase 1 study is expected to begin enrolling patients in 2024.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
10-26-23 1027ET