AsianScientist (Apr. 17, 2015) – Cellular Biomedicine Group Inc. (CBMG), a biomedicine firm engaged in the development of effective treatments for degenerative and cancerous diseases, announced the closing of a private placement transaction under which it sold an aggregate of 515,789 shares of the Company’s common stock to selected private investors at US$38.00 per share, for total gross proceeds of approximately US$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.
“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,” commented Mr. Tony (Bizuo) Liu, chief financial officer for the Company.
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Source: Cellular Biomedicine Group.
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