Cellular Biomedicine Group Lands $43 Million From Wuhan Dangdai
Cellular Biomedicine, a US-China biopharma, announced a $43 million investment from Wuhan Dangdai Science & Technology Industries. Dangdai acquired 2.27 million shares of CBMG's stock at a price of $19 each, a 19.4% stake in the company. CBMG is developing two technologies: immuno-oncology therapies including cancer vaccines, CAR-T and PD-1 technologies; and stem cell treatments for joint and autoimmune diseases. CBMG is headquartered in Palo Alto, California, and operates an R&D facility in Wuxi and a manufacturing plant in Shanghai.