NEW YORK, March 19, 2015 (GLOBE NEWSWIRE) -- Coronado Biosciences, Inc. (Nasdaq:CNDO) announced today the formation of a new company, Mustang Therapeutics, Inc. Mustang will initially focus on the preclinical and clinical development, as well as commercialization of proprietary Chimeric Antigen Receptor (CAR-T) technology. This portfolio of CAR-T cells was developed by Dr. Stephen Forman, Director, T cell Therapeutics Research Laboratory and the Francis and Kathleen McNamara Distinguished Chair in Hematology and Hematopoietic Cell Transplantation, and Dr. Christine Brown, Associate Director, T cell Therapeutics Research Laboratory and Associate Research Professor. The deal is valued in excess of $40 million for the development of these CAR-T cells via up-front and milestone payments to City of Hope. It is anticipated that the first two CAR-T cells from this partnership will begin enrollment in human clinical trials at the City of Hope this year.
Dr. Lindsay Rosenwald, Coronado Biosciences' Chairman and CEO, commented, "The development of Chimeric Antigen Receptor T-cells for serious, refractory cancers is a burgeoning field of oncology. The engineering of patients' immune cells to treat cancers may have a dramatic effect in cancer therapy. We are excited to have formed this partnership with the City of Hope and the laboratory of Dr. Stephen Forman."
George Megaw, City of Hope's Director of the Office of Technology Licensing stated, "We are delighted to be able to partner with Coronado Biosciences in the formation of Mustang Therapeutics. We are impressed with the ability of their executive team to design and execute clinical trials in important medical conditions in a timely and expeditious manner. At City of Hope, our goal is to alleviate human suffering and disease and we believe Mustang Therapeutics will be able to offer novel and effective therapies to cancer patients."
About Mustang Therapeutics
Mustang Therapeutics is a development stage oncology company newly formed in partnership with the City of Hope in Duarte, CA. Mustang will focus on preclinical and clinical development, as well as commercialization of proprietary Chimeric Antigen Receptor (CAR-T) technology for refractory cancers.
About Coronado Biosciences
Coronado Biosciences is a biopharmaceutical company dedicated to acquiring, developing and commercializing novel pharmaceutical and biotechnology products. As part of its growth strategy, the company is leveraging its biopharmaceutical business and drug development expertise to acquire rights to innovative pharmaceutical and biotechnology products and technologies, using a variety of approaches including, but not limited to, licensing, partnerships, joint ventures, and/or public and private spin-outs. For more information, visit www.coronadobiosciences.com.
About City of Hope
City of Hope is a leading research and treatment center for cancer, diabetes and other life-threatening diseases. Designated as a comprehensive cancer center, the highest recognition bestowed by the National Cancer Institute, City of Hope is also a founding member of the National Comprehensive Cancer Network, with research and treatment protocols that advance care throughout the nation. City of Hope's main hospital is located in Duarte, California, just northeast of Los Angeles, with community clinics in southern California. It is ranked as one of "America's Best Hospitals" in cancer by U.S. News & World Report. Founded in 1913, City of Hope is a pioneer in the fields of bone marrow transplantation and genetics.
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CONTACT: Lucy Lu, MD, Executive Vice President & Chief Financial Officer Coronado Biosciences, Inc. 781-652-4525; email@example.comSource:Coronado Biosciences, Inc.