Hot Features
Premium
Level up your trading with our powerful tools and real-time insights all in one place.
How will they use the funds?
Cellular Biomedicine Group Inc. (Nasdaq:CBMG), a biomedicine firm engaged in the development of effective treatments for degenerative and cancerous diseases, today announced the closing of a private placement transaction under which it sold an aggregate of 515,789 shares of the Company’s common stock, par value $0.001 per share, to selected private investors at $38.00 per share, for total gross proceeds of approximately $19.6 Million.
The Company intends to use the proceeds from the Private Placement to fund clinical trials, pursue international strategic acquisitions, invest in new product development and expand the Company’s research and development and production facilities in China.
The issuance of the Shares was made in reliance on the exemption from registration provided by Regulation S under the Securities Act of 1933, as amended.
Tony Liu, Chief Financial Officer for the Company, commented, “We are pleased that new and existing investors, including veteran Hong Kong investment banker Mr. Francis Leung, continue to show long-term support for our plans for ongoing clinical trials for our Chimeric Antigen Receptor T Cell (CAR-T) and human adipose-derived mesenchymal progenitor cell (haMPC) platforms. With a healthy balance sheet, we will continue to execute on the Company’s milestones and expect to build a world-class innovative cell-therapy company that delivers value to our shareholders.”
“We are very excited by the successful closure of this Private Placement,” added William (Wei) Cao, PhD, BM, Chief Executive Officer for the Company. “With a stronger balance sheet we are in a position to expedite our clinical trials of therapies for Acute Lymphocytic Leukemia (B-cell ALL), Advanced Diffuse Large B Cell Lymphoma (DLBCL), Hodgkin’s Lymphoma, Advanced Lung Cancer and Knee Osteoarthritis, and to rapidly expand our Immuno-Oncology research and development programs and increase production capacity of stem cells, T cells, and genetically modified T cells.”
For a complete description of the private placement and all related documents, please refer to the Company’s Form 8-K that will be filed in connection with the transaction.
