Cellular Biomedicine Group Announces Closing of $43.13 Million Strategic Investment from Dangdai International Group Co.,...
April 19 2016 - 8:30AM
Cellular Biomedicine Group Inc. (NASDAQ:CBMG) (“CBMG” or the
“Company”), a clinical-stage biomedicine firm
engaged in the development of effective stem cell
therapies for degenerative diseases and immunotherapies for
cancer, today announced the final closing of Wuhan
Dangdai Science and Technology Industries Group
Inc.’s (“DANGDAI”) $43.13 million aggregate strategic
investment for a total of 2,270,000 shares of the Company’s
Common Stock. The Company previously received $5 million
and issued 263,158 shares to DANGDAI as announced on
February 4, 2016. On April 15, 2016 the company
received DANGDAI’s remaining funding of $38.13
million and will be issuing 2,006,842 shares to DANGDAI.
Tony (Bizuo) Liu, Chief Executive Officer of
CBMG, stated, "Cancerous diseases can be devastating to patients
and their families. Also, Knee Osteoarthritis (KOA) can lead
to a sedentary lifestyle with debilitating consequences. Our
intended use of proceeds will help to advance the development of
new cell-based technologies as treatments for both diseases with
the goal of mitigating both the painful physical effects, as well
as the emotional toll imposed on patients and their families.”
“We thank DANGDAI for their confidence in our
team to support our mission to find safe and effective treatments
for cancer and KOA under our dual technology platforms,
immuno-oncology and stem cells. With the completion of this
$43.13 million investment, we now have sufficient funding to move
forward with our near-term operating objectives of multi-site
clinical trials in immuno-oncology cell therapies in China and
to file INDs and launch clinical trials
for an off-the-shelf allogeneic adipose-derived
mesenchymal progenitor cell (haMPC) AlloJoinTM therapy for KOA
patients in the US and China and to further
strengthen our pipeline. Our goal is to achieve clinical benefits
and ultimately help patients to live longer lives and improve their
quality of life," concluded Mr. Liu.
About Cellular Biomedicine GroupCellular
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.
About Wuhan Dangdai Science & Technology
& Industries Group Inc.Founded in 1988, Wuhan
Dangdai Science &Technology Industries
Group Co., Inc. (“DTIG”) is a China based
privately held conglomerate managed by a savvy
leadership team. DTIG’s business ethics focus
is on innovation, pragmatism, transparency,
governance, collaboration, and prudence; and has
a strong sense of social responsibility. Its
portfolio companies are comprised of several Chinese publicly
listed entities and private companies in the North America and
Africa. DTIG’s diverse enterprise includes bio
pharmaceuticals, media, entertainment, real estate
development, tourism, agriculture, textile and financial
services.
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, 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.
Contacts:
Sarah Kelly
Director of Corporate Communications, CBMG
+1 650 566-5064
sarah.kelly@cellbiomedgroup.com
Vivian Chen
Managing Director Investor Relations, Grayling
+1 347 481-3711
vivian.chen@grayling.com
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