Cellular Biomedicine Group Announces CEO Transition
January 11 2016 - 9:00AM
Cellular Biomedicine Group Inc. (NASDAQ:CBMG) (“CBMG” or the
“Company”), a biomedicine firm engaged in the development of
effective stem cell therapies for degenerative diseases and
immunotherapies for cancer, today announced that Wei (William) Cao
has notified the Company’s Board of Directors that, for family
reasons, he will not seek renewal of his employment contract as
Chief Executive Officer upon completion of his current term on
February 6, 2016, but will remain as a Director of CBMG.
A committee of the Board of Directors has been
established to oversee the professional recruitment of a new Chief
Executive Officer. In the interim, Tony Liu, currently the
Company’s Chief Financial Officer, will assume full
responsibilities as the interim Chief Executive Officer of the
Company pending the selection of a new Chief Executive
Officer.
Steve Liu, Chairman of the Board issued the
following statement: "We would like to thank William for his
tireless and significant contributions to the Company. Under his
leadership, the Company was able to execute on its strategic plan
to develop and engage in robust clinical programs for therapeutics
that would potentially serve large addressable markets. The Company
also strengthened its leadership in the immunotherapy field and
built a rich pipeline in both the CAR-T and Regenerative Medicine
segments. We believe William’s vision, leadership and strategic
initiatives will generate breakthrough discoveries and therapies in
years to come. We are very pleased to be able to access his
experience and expertise as a continuing member of the Board."
William Cao, Chief Executive Officer, said: "I
would like to express my appreciation to the Board, colleagues,
shareholders, and the partners with whom I have worked over the
past five years. I am proud of being one of the founding executives
of the Company and having the opportunity to build CBMG from its
infancy. CBMG has outstanding prospects as an emerging global
integrated pure-play biotech company focused on cancer and
degenerative diseases. I am confident that the strength of
the Company's unique technologies, promising pipelines in China and
potentially in the rest of the world, and its talented team will
deliver significant value in the years ahead."
About Cellular Biomedicine Group Cellular
Biomedicine Group, Inc. develops proprietary cell therapies for the
treatment of certain degenerative and cancerous diseases. Our
developmental stem cell and Immuno-Oncology projects are the result
of research and development by scientists and doctors
from China and the United States. Our GMP facilities
in China, consisting of nine independent cell production lines, are
designed, certified and managed according to U.S. standards. To
learn more about CBMG, please
visit: www.cellbiomedgroup.com.
Forward-Looking
StatementsStatements 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 risks
inherent in doing business, trends affecting the global economy,
including the devaluation of the RMB by China in August 2015 and
other risks detailed from time to time in CBMG’s reports filed with
the Securities and Exchange Commission, quarterly reports on form
10-Q, current reports on form 8-K and annual reports on form 10-K.
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.
Contacts: Sarah Kelly Director of
Corporate Communications, CBMG+1 408-973-7884
sarah.kelly@cellbiomedgroup.com
Vivian ChenManaging Director Investor Relations, Grayling+1 347
481-3711vivian.chen@grayling.com
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