Cellular Biomedicine Group Announces Closing of $10 Million Private Placement Offering
June 20 2014 - 9:55AM
Cellular Biomedicine Group, Inc. (Nasdaq:CBMG) (the "Company"), a
biomedicine firm engaged in the development of new treatments for
degenerative and cancerous diseases, today announced the closing of
a private placement transaction under which it sold an aggregate of
1,492,537 shares (the "Shares") of the Company's common stock, par
value $0.001 per share (the "Common Stock"), to selected private
investors (the "Investors") at $6.70 per share, for total gross
proceeds of approximately $10 Million.
The Investors were led by veteran Hong Kong investment banker
Mr. Francis Leung, who stated, "I am looking forward to working
with CBMG's management team in realizing their vision of leveraging
cell technology to improve people's lives. I am committed to the
Company and confident that their clinical trials will eventually
benefit millions of people in China and abroad."
Mr. Leung has over 30 years of experience in investment banking,
in particular, the field of corporate finance involving capital
raising, mergers and acquisitions, corporate restructuring and
other general financial advisory activities, and principal
investments in Hong Kong and the PRC. He is currently the Chairman
(Greater China) and a managing partner of CVC Asia Pacific. On a
personal basis, Mr. Leung is a seasoned growth capital
investor.
Net proceeds from the financing will be primarily used for
ongoing clinical trials, working capital and potential acquisitions
of strategic assets.
For a complete description of the private placement and all
related documents, please refer to the Company's Form 8-K that will
be filed in connection with the transaction.
About Cellular Biomedicine Group
Cellular Biomedicine Group, Inc. develops proprietary cell
therapies for the treatment of certain degenerative diseases and
cancers. Our developmental stem cell, progenitor cell, and
immune cell projects are the result of research and development by
scientists and doctors from China and the United
States. Our flagship GMP facility in China, consisting of eight
independent cell production lines, is designed, certified and
managed according to U.S. standards. To learn more about
CBMG, please visit: www.cellbiomedgroup.com.
Forward-Looking Statements
Statements in this press release relating to plans, strategies,
trends, specific activities or investments, and other statements
that are not descriptions of historical facts may be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
information is inherently subject to risks and uncertainties, and
actual results could differ materially from those currently
anticipated due to a number of factors, which include, but are not
limited to, risk factors inherent in doing business.
Forward-looking statements may be identified by terms such as
"may," "will," "expects," "plans," "intends," "estimates,"
"potential," or "continue," or similar terms or the negative of
these terms. Although CBMG believes the expectations reflected in
the forward-looking statements are reasonable, they cannot
guarantee that future results, levels of activity, performance or
achievements will be obtained. CBMG does not have any obligation to
update these forward-looking statements other than as required by
law.
CONTACT: Sarah Kelly
Director of Corporate Communications, CBMG
+1 650 566-5064
sarah.kelly@cellbiomedgroup.com
Vivian Chen
Managing Director Investor Relations, Grayling
+1 646 284-9427
vivian.chen@grayling.com
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