Cellular Biomedicine Group Announces Closing of $14.5 Million Private Placement Offering
December 28 2017 - 7:30AM
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 closing of
two private placement transactions pursuant to which it sold an
aggregate of 1,208,333 shares (the “Shares”) of the Company’s
common stock, par value $0.001 per share (the “Common Stock”), to
selected key executives and private investors (the “Investors”) at
$12.00 per share, for total aggregate gross proceeds of
approximately $14.5 Million.
The Company intends to use the proceeds from the
financings to fund clinical trials, invest in new product
development and expand the Company’s research and development
programs.
The issuance of the Shares was made in reliance
on the exemption from registration provided by Section 4(a)(2) and
Regulation S under the Securities Act of 1933, as amended.
“We are pleased that key executives and
investors have shown long-term support for our plans for the three
ongoing Chimeric Antigen Receptor T Cell (CAR-T) clinical trials
for C-CAR011 in patients with refractory or relapsed
Diffuse Large B-cell Lymphoma (DLBCL), adult
patients with relapsed or refractory B-cell Acute Lymphoblastic
Leukemia (ALL), and patients with B-cell Non-Hodgkin Lymphoma
(NHL), as well as human adipose-derived mesenchymal progenitor cell
(haMPC) in off-the-shelf allogeneic AlloJoinTM for Knee
Osteoarthritis (KOA)”, said Tony (Bizuo) Liu, Chief Executive
Officer for the Company. “We expect to keep on providing catalysts
to deliver value to our shareholders and continue to build a
world-class CAR-T and regenerative biopharmaceutical company. The
recent codification of industry regulation for cell therapy
products announced by the Chinese government has clarified the
development pathway under the Chinese regulatory framework.
Additionally, we have a seasoned team, a newly expanded higher
throughput manufacturing capacity and a formidable partnership with
GE Healthcare and ThermoFisher in automation. These enabling
factors have helped raise our confidence in our ability to reach
our goal of bringing to market safe and effective cell therapy
products for cancer and degenerative diseases to help a large
patient population.”
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 currently has ongoing CAR-T
Phase I clinical trials in China; CARD-1 for Diffuse Large B-cell
Lymphoma (DLBCL) and Non-Hodgkin Lymphoma (NHL) and CALL-1 for
adult Acute Lymphoblastic Leukemia (ALL), utilizing CBMG’s
proprietary and optimized CD19 construct, as well as an ongoing
Phase I trial in China for AlloJoin™ (CBMG’s “Off-the-Shelf”
Allogeneic Human Adipose-derived Mesenchymal Stem Cell) for the
treatment of Knee Osteoarthritis (KOA). 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 those regarding our ability to implement our plans,
strategies and objectives for future operations, our ability to
execute on proposed new products, services or development thereof,
results of our clinical research and development, regulatory
infrastructure governing cell therapy and cellular
biopharmaceuticals, our ability to enter into agreements with any
necessary manufacturing, marketing and/or distribution partners for
purposes of commercialization, our ability to seek intellectual
property rights for our product candidates, competition in the
industry in which we operate, overall market conditions, any
statements or assumptions underlying any of the foregoing 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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