NEW YORK and SHANGHAI, Nov. 6, 2019 /PRNewswire/ --Cellular Biomedicine Group Inc.(NASDAQ: CBMG) ("CBMG" or the "Company"), a biopharmaceutical firm engaged in the drug development of immunotherapies for cancer and stem cell therapies for degenerative diseases, today reported its financial results and business highlights for the third quarter of 2019.
"During the third quarter of 2019, we made great strides in both corporate and clinical progress. We started our U.S. expansion for research and clinical development in a new 22,000 square foot facility in Rockville, Maryland in October 2019. This milestone will allow us to foster strategic partnerships, develop new innovations and support continued development of CBMG's cell therapy-based immune-oncology assets that have shown promise in early proof-of-concept trials in China," said Tony (Bizuo) Liu, Chief Executive Officer for the Company.
"We also had continued progress on the clinical side, with the initiation of our Phase II clinical trial in China of AlloJoin therapy for knee osteoarthritis (KOA). Additionally, our autologous stem cell therapy program for KOA, ReJoin, was accepted by the NMPA in China to begin a Phase II clinical trial. We are excited about our regenerative medicine programs as we are currently the only company that has received two clinical trial acceptances for any stem cell program in China."
Mr. Liu continued, "Presentations of our pre-clinical and clinical data at upcoming medical conferences later this year will demonstrate continued focus on our immune-oncology pipeline and we are proud to provide an update of our commitment to cancer immunotherapy."
Third Quarter 2019 and Other Recent Corporate Developments
Upcoming Clinical and Preclinical Presentations:
Financial Results for the Third Quarter of 2019
Conference Call and Webcast InformationThe Company will host a conference call and webcast with the investment community on Wednesday, November 6th at 4:30 p.m. Eastern Time featuring remarks by Tony Liu, Executive Director, CEO and CFO of CBMG.
Live Call:
Toll-Free: 1-855-327-6838
International: 1-604-235-2082
Webcast:
http://public.viavid.com/index.php?id=136796
Replay:
Toll-Free: 1-844-512-2921
International: 1-412-317-6671
Conference ID: 10007976
(Available approximately two hours after the completion of the live call until 11:59 p.m. ET on November 20, 2019)
About Cellular Biomedicine GroupCellular Biomedicine Group, Inc. (NASDAQ: CBMG) develops proprietary cell therapies for the treatment of cancer and degenerative diseases. It conducts immuno-oncology and stem cell clinical trials in China using products from its integrated GMP laboratory. The Company's GMP facilities in China, consisting of twelve independent cell production lines, are designed and managed according to both China and U.S. GMP standards. Its Shanghai facility includes a "Joint Laboratory of Cell Therapy" with GE Healthcare and a "Joint Cell Therapy Technology Innovation and Application Center" with Thermo Fisher Scientific, which partnerships focus on improving manufacturing processes for cell therapies. CBMG currently has ongoing CAR-T Phase I clinical trials in China. The China NMPA (formerly CFDA) accepted the Company's IND application for a Phase II trial for AlloJoin, CBMG's "Off-the-Shelf" allogenic haMPC therapy for the treatment of Knee Osteoarthritis (KOA), and the Company's IND application for a Phase II trial for ReJoin autologous haMPC therapy for the treatment of KOA. CBMG is included in the broad-market Russell 3000 Index and the small-cap Russell 2000 Index, and the Loncar China BioPharma index. To learn more about CBMG, please visit http://www.cellbiomedgroup.com.
Forward-Looking StatementsStatements in this press release relating to plans, strategies, trends, specific activities or investments, and other statements that are not descriptions of historical facts and 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, including regulatory approval of our IND applications, our plan to configure part of our Shanghai facility with GE Healthcare's FlexFactory platform, our ability to execute on our obligations under the terms of our licensing and collaboration arrangement with Novartis, 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, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-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.
For more information, please contact:
Company Contact:Derrick C. LiHead of Strategy and Investor Relations, CBMGPhone: 917-717-0994Email: derrick.li@cellbiomedgroup.com
Investor Contact:Valter Pinto / Allison SossKCSA Strategic CommunicationsPhone: 212-896-1254 / 212-896-1267Email: cellbiomed@kcsa.com
CELLULAR BIOMEDICINE GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30,
December 31,
2019
2018
Assets
Cash and cash equivalents
$29,035,677
$52,812,880
Restricted cash
17,000,000
-
Accounts receivable, less allowance for doubtful accounts of nil and $94,868 as of September 30, 2019 and December 31, 2018, respectively
-
787
Other receivables
591,271
101,909
Prepaid expenses
1,589,479
1,692,135
Total current assets
48,216,427
54,607,711
Investments
240,000
240,000
Property, plant and equipment, net
19,856,287
15,193,761
Right of use
14,298,613
15,938,203
Goodwill
7,678,789
7,678,789
Intangibles, net
7,521,523
7,970,692
Long-term prepaid expenses and other assets
7,640,535
5,952,193
Total assets
$105,452,174
$107,581,349
Liabilities and Stockholders' Equity
Liabilities:
Short-term debt
$14,138,419
$-
Accounts payable
5,686,023
422,752
Accrued expenses
1,477,174
1,878,926
Taxes payable
28,625
28,950
Other current liabilities
4,526,594
5,710,578
Total current liabilities
25,856,835
8,041,206
Other non-current liabilities
12,545,245
14,321,751
Total liabilities
38,402,080
22,362,957
Stockholders' equity:
Preferred stock, par value $.001, 50,000,000 shares authorized; none issued and outstanding as of September 30, 2019 and December 31, 2018, respectively
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