Cellular Biomedicine Group Reports Full-Year And Fourth Quarter 2014 Financial Results
SHANGHAI, China and PALO ALTO, Calif., March 31, 2015 (GLOBE NEWSWIRE) -- Cellular Biomedicine Group Inc. (Nasdaq:CBMG) ("CBMG" or the "Company"), a biomedicine firm engaged in the development of effective treatments for degenerative and cancerous diseases, today reported full-year and fourth quarter 2014 financial results for the period ended December 31, 2014.
"2014 laid the foundation for building a world-class biotechnology enterprise that was marked by achieving notable corporate and clinical milestones and meaningful acquisitions that will drive our business momentum as we move into 2015," said William (Wei) Cao, PhD, BM, Chief Executive Officer of Cellular Biomedicine Group. "In addition to our successful listing on NASDAQ, we accelerated the growth of our Immuno-Oncology platform through the acquisition of Agreen Biotech Co. Ltd. China ("AG"), the acquisition of third generation Chimeric Antigen Receptor T cell (CAR-T), anti-PD-1, CD19 and aAPC cancer immunotherapy technologies from Persongen Biotechnology Ltd., and the acquisition of four CAR-T therapies with corresponding Phase I clinical data and manufacturing knowledge from Chinese PLA General Hospital ("PLAGH", Beijing, also known as "301 Hospital"). The Company's lead product candidate from our Human Adipose-Derived Mesenchymal Progenitor Cell (haMPC) Platform, ReJoinTM for the treatment of Knee Osteoarthritis (KOA), reported positive 12 month results from its Phase IIa clinical trials in 2014 and we are encouraged by the interim Phase IIb clinical data released in the first quarter of 2015 which continues to show excellent progress. We look forward to 2015 as we continue to amalgamate novel cancer technology leaders, deliver promise from our clinical trials to serve several large unmet medical needs in China and seek to evolve into a leader in the biotechnology field."
Tony (Bizuo) Liu, Chief Financial Officer of the Company, commented, "I am pleased to also announce the successful completion of an $18 million private placement transaction in 2014 and $20 million in 2015 which fortified our cash position. We will continue to leverage our financial resources to expand our technology portfolio, strengthen our clinical pipeline, pursue strategic acquisitions, add world-class scientific talent and evaluate multi-national licensing opportunities. We believe these strategic initiatives will further validate our vision of becoming an innovative cell-therapy company that delivers value to our shareholders."
Corporate and Clinical Developments of 2014 and Early 2015
During 2014 and 2015 to date, Cellular Biomedicine Group achieved the following milestones and significant corporate events:
1. Announced positive clinical data from Phase I of its CAR-T immuno-oncology clinical development programs of CAR-T CD19 for Acute Lymphocytic Leukemia (B-cell ALL) and CAR-T CD20 for Advanced Diffuse Large B Cell Lymphoma (DLBCL)
2. Launched a clinical study on human adipose derived mesenchymal progenitor cell (haMPC) therapy for Cartilage Damage (CD) resulting from osteoarthritis (OA) or sports injury, which study also serves as a supporting study of ReJoinTM for Knee Osteoarthritis (KOA)
3. Released positive 12-month follow-up data analysis of Phase I/IIa clinical trial for ReJoinTM human adipose-derived mesenchymal progenitor cell (haMPC) therapy for KOA
4. Announced positive interim 24-week clinical data from the Phase IIb trial of its ReJoinTM haMPC therapy for KOA
5. The Company successfully listed onto Nasdaq Capital Markets as the first pure-play cell therapy company from China
6. Closed private placement transactions for total gross proceeds of approximately $38 Million
7. Expanded Intellectual Property portfolio to 69 patents in various stages of approval in China, U.S. and through the Patent Cooperation Treaty (PCT), including one granted US Patent and 15 granted China patents
Fourth Quarter and 2014 Financial Performance
1. Cash Position: Cash and liabilities at December 31, 2014 of approximately $14.8 million and $4.5 million, respectively. (Subsequently, in March 2015, the Company closed a private placement transaction for total gross proceeds of approximately $20,000,000)
2. Net Cash Used in Operating Activities: Q4 and full-year 2014 operating cash burn of $2.2 million and $10.3 million, respectively, compared to $1.3 million and $8.5 million for the same periods in 2013
3. Revenue: Q4 and full-year 2014 revenue of $0.4 million and $0.6 million, respectively, compared to $0.1 million and $0.2 million for the same periods in 2013
4. G&A Expenses: Q4 and full-year 2014 general and administrative expenses of $3.3 million and $8.4 million, respectively, compared to $2.2 million and $9.3 million for the same periods in 2013. Excluding the stock-based compensation of $1.9 million and $1.5 million recorded in G&A expenses for full-year 2014 and 2013, the G&A expenses would have been $6.5 million and $7.8 respectively
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