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Led by Hong Kong
Cellular Biomedicine Group, Inc. (Nasdaq:CBMG), a biomedicine firm engaged in the development of new treatments for degenerative and cancerous diseases, today announced the closing of a private placement transaction under which it sold an aggregate of 1,492,537 shares of the Company’s common stock, par value $0.001 per share, to selected private investors at $6.70 per share, for total gross proceeds of approximately $10 Million.
The investors were led by veteran Hong Kong investment banker Mr. Francis Leung, who stated, “I am looking forward to working with CBMG’s management team in realizing their vision of leveraging cell technology to improve people’s lives. I am committed to the Company and confident that their clinical trials will eventually benefit millions of people in China and abroad.”
Mr. Leung has over 30 years of experience in investment banking, in particular, the field of corporate finance involving capital raising, mergers and acquisitions, corporate restructuring and other general financial advisory activities, and principal investments in Hong Kong and the PRC. He is currently the Chairman (Greater China) and a managing partner of CVC Asia Pacific. On a personal basis, Mr. Leung is a seasoned growth capital investor.
Net proceeds from the financing will be primarily used for ongoing clinical trials, working capital and potential acquisitions of strategic assets.
Cellular Biomedicine Group, Inc. develops proprietary cell therapies for the treatment of certain degenerative diseases and cancers. Our developmental stem cell, progenitor cell, and immune cell projects are the result of research and development by scientists and doctors from China and the United States. Their GMP facility in China, consisting of eight independent cell production lines, is designed, certified and managed according to U.S. standards.
