Cellular Biomedicine Group (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.
Source: Biospace
