Cellular Biomedicine Group (CBMG) Announces Stock Repurchase Program
June 01 2017 - 6:00AM
Cellular Biomedicine Group Inc. (NASDAQ:CBMG) (“CBMG” or the
“Company”), a clinical-stage biopharmaceutical firm engaged in the
development of effective immunotherapies for cancer and stem cell
therapies for degenerative diseases, today announced the Company's
Board of Directors (the "Board") has approved a new stock
repurchase program granting the company authority to repurchase up
to $10 million in common shares (the "2017 Stock
Repurchase Program") through open market purchases pursuant to a
plan adopted in accordance with Rule 10b5-1 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) and in
accordance with Rule 10b-18 of the Exchange Act. Under the
new stock repurchase program, which is designed to return value to
CBMG’s stockholders, the company plans to repurchase shares in the
open market in accordance with all applicable securities laws and
regulations, including Rule 10b-18 of the Securities Exchange Act
of 1934, as amended.
About Cellular Biomedicine Group Cellular
Biomedicine Group, Inc. (NASDAQ:CBMG) develops proprietary cell
therapies for the treatment of cancer and degenerative diseases. We
conduct immuno-oncology and stem cell clinical trials in China
using products from our integrated GMP laboratory. Our GMP
facilities in China, consisting of twelve independent cell
production lines, are designed and managed according to both China
and U.S. GMP standards. CBMG recently commenced two Phase I
human clinical trials in China using CAR-T to treat Refractory
Diffuse Large B-cell Lymphoma (DLBCL), a Phase I human clinical
trial to treat relapsed/refractory CD19+ B-cell Acute Lymphoblastic
Leukemia (ALL), as well as an ongoing Phase I trial in China for
AlloJoinTM (CBMG’s “Off-the-Shelf” Allogeneic Human Adipose-derived
Mesenchymal Stem Cell) for the treatment of Knee Osteoarthritis
(KOA). CBMG was recently awarded $2.29 million from the California
Institute for Regenerative Medicine (CIRM) to support pre-clinical
studies of AlloJoinTM for Knee Osteoarthritis in the United States.
The Company also recently announced a strategic partnership with GE
Healthcare Life Sciences China to establish a joint technology
laboratory to develop control processes for the manufacture of
CAR-T and stem cell therapies. 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 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
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