NEW YORK, Feb. 02, 2017 (GLOBE NEWSWIRE) -- OPN Capital Markets, the healthcare related investment banking and research division of National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (NASDAQ:NHLD), a full-service investment banking and asset management firm, today announced the successful completion of a private raise of $94.5 million for Mustang Bio, Inc., a subsidiary of Fortress Biotech, Inc. (NASDAQ:FBIO).
This capital raise is noteworthy for the amount of first-round financing raised for Mustang Bio, Inc., a biopharmaceutical company focused on the development of novel immunotherapies based on ground breaking Chimeric Antigen Receptor (CAR) T cells (CAR T) technology, licensed from the City of Hope National Medical Center.
Jonathan C. Rich, Executive Vice President and Head of Investment Banking at National Securities Corporation, stated, “We are thrilled to announce the closing of this first-round financing for Mustang Bio. We had exceptional client participation on this offering and we look forward to raising capital for other investment banking clients in the near future.”
David C. Levine, CEO of National Securities Corporation, stated, “This is a great start for our recently branded business, OPN Capital Markets, our healthcare focused investment banking division. The strength of our brokerage network and the quality of the Mustang offering enabled the OPN Capital Markets division to offer this exciting investment opportunity to our investors and raise a significant amount of first-round capital for our banking client. OPN Capital Markets looks forward to helping other emerging biotechnology companies raise capital to advance cutting edge research.”
About Mustang Bio
Mustang Bio, Inc., a subsidiary of Fortress Biotech, Inc. (NASDAQ:FBIO), is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel cancer immunotherapy products designed to utilize the power of the patient’s own immune system to eliminate cancer cells. Mustang aims to acquire rights to these technologies by licensing or otherwise acquiring an ownership interest in the technologies, funding their research and development, and out-licensing or bringing the technologies to market. Mustang is currently developing proprietary Chimeric Antigen Receptor (CAR) engineered T cells (CAR T) technology, which was licensed from Drs. Stephen Forman and Christine Brown’s laboratory at the City of Hope National Medical Center (COH). CAR T uses the patient’s own T cells to engage and destroy specific tumors, by selecting specific T cell subtypes, genetically engineering them to express Chimeric Antigen T cell Receptors and placing them back in the patient where they recognize and destroy cancer cells. Mustang, through a research agreement with COH, plans to develop CARs across multiple cancers. Its lead programs in acute myeloid leukemia and brain cancer are in Phase 1 clinical trials. Mustang is registered under the Securities Exchange Act of 1934, as amended, and files periodic reports with the U.S. Securities and Exchange Commission. For more information, visit www.mustangbio.com.
About National Holdings Corporation
National Holdings Corporation (NASDAQ:NHLD) is a full-service investment banking and asset management firm that provides a range of services, including independent retail brokerage and advisory services, investment banking, institutional sales and trading and equity research, financial planning, market making, tax preparation, insurance and annuities, to corporations, institutional investors and high net-worth clients. With over 1,100 independent advisors, registered reps, traders and sales associates, the Company is a leading Independent Advisor and Broker services company. National operates through five subsidiaries: National Securities Corporation, vFinance Investments, Inc., National Insurance Corporation, National Asset Management, Inc. and Gilman Ciocia, Inc. The Company’s National Securities subsidiary was founded in 1947. National was organized in 1999 and is headquartered in New York and Florida. Fortress Biotech Inc. (NASDAQ:FBIO) is a majority shareholder of National Holdings Corporation (NASDAQ:NHLD). For more information, visit www.nhldcorp.com.
About OPN Capital Markets
OPN Capital Markets is the healthcare related investment banking and research division of National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (NASDAQ:NHLD).