Mustang Bio's Interim CFO Resigns After 10 Months

Dow Jones

2024-11-15

By Adam L. Cataldo

Mustang Bio's interim Chief Financial Officer James Murphy has resigned after about 10 months in the position, and was replaced on an interim basis by President and Chief Executive Officer Manuel Litchman.

Murphy resigned on Nov. 12, and his departure wasn't the result of a disagreement on any matter relating to the company's operations, policies or practices, Mustang Bio said Friday in a Securities and Exchange Commission filing. He was appointed to the post on Jan. 19.

Earlier this week the company said a Nasdaq Hearings Panel approved its request for an extension to evidence compliance with listing requirement on the Nasdaq Capital Market. That includes the $1 bid price requirement through Jan. 31, and the $2.5 million stockholders' equity requirement, through Feb. 18.

The company's stock closed the session down 3.1% at 23 cents per share. The shares have plunged 83% this year.

Based in Worcester, Mass., Mustang Bio is a clinical-stage biopharmaceutical company focused on translating breakthroughs in cell therapies into potential cures for difficult-to-treat cancers.

Write to Adam Cataldo at adam.cataldo@wsj.com.

(END) Dow Jones Newswires

November 15, 2024 18:55 ET (23:55 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Cataldo \n\n\n  Mustang Bio's interim Chief Financial Officer James Murphy has resigned after about 10 months in the position, and was replaced on an interim basis by President and Chief Executive Officer Manuel Litchman. \n\n\n  Murphy resigned on Nov. 12, and his departure wasn't the result of a disagreement on any matter relating to the company's operations, policies or practices, Mustang Bio said Friday in a Securities and Exchange Commission filing. He was appointed to the post on Jan. 19. \n\n\n  Earlier this week the company said a Nasdaq Hearings Panel approved its request for an extension to evidence compliance with listing requirement on the Nasdaq Capital Market. That includes the $1 bid price requirement through Jan. 31, and the $2.5 million stockholders' equity requirement, through Feb. 18. \n\n\n  The company's stock closed the session down 3.1% at 23 cents per share. 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