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Fortress Biotech unit closes $94.5M private placement financing

Fortress Biotech Inc.'s subsidiary Mustang Bio, Inc. secured $94.5 million, prior to expenses and fees, in a private placement financing.

The financing allows the company to expand its chimeric antigen receptor engineered T cells immunotherapy pipeline by exploring additional applications in areas outside of the company's initial focus on brain cancer and acute myeloid leukemia.

OPN Capital Markets acted as sole placement agent for the transaction.