AsianScientist (Feb. 12, 2016) – Dangdai Science & Technology Industries Group has agreed to invest US$43.13 million in Cellular Biomedicine Group (CBMG). Dangdai will receive 2.27 million shares of CBMG’s common stock, a 19.4 percent stake investment, at US$19 per share.
Based in Wuhan, China, Dangdai is a conglomerate with a substantial medical and pharmaceutical portfolio in China. CBMG is mainly focused on developing and marketing safe and effective cell-based therapies to treat cancer, orthopedic diseases, various inflammatory diseases and metabolic diseases.
As part of the consideration, CBMG has extended an invitation to Dangdai to occupy an observer seat on the Company’s Board of Directors.
“The funding will augment resources for our long-term clinical trials in stem cell indications and multiple chimeric antigen receptor T-cell (CAR-T) trials in liquid and solid tumor cancers,” said Mr. Tony Liu, incoming CEO and current CFO of CBMG.
“We are pleased about our strategic investment in CBMG. This is an innovative company with technological sophistication and a seasoned management team who seek to turn translational medicine into clinical benefits,” commented Mr. Zhou Han Sheng, CEO of Dangdai.
“With their strong China presence and budding foray into the US, we are confident that the team will monetize their translational medicine pipeline to improve patients’ quality of life,” Zhou added.
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Source: Cellular Biomedicine Group; Photo: Shutterstock.
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