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Cellular Biomedicine Group (NASDAQ: CBMG) has completed its merger with CBMG Merger Sub Inc., as of February 19, 2021. Stockholders approved the merger on February 8, 2021, converting shares into $19.75 per share in cash. As a result, CBMG is now a wholly-owned subsidiary of CBMG Holdings, and its common stock will no longer trade on NASDAQ. The company focuses on developing cell therapies for cancer and degenerative diseases, including ongoing CAR-T clinical trials in China and approved Phase II trials for its allogenic and autologous therapies for knee osteoarthritis.
Cellular Biomedicine Group (NASDAQ: CBMG) announced that over 99% of its stockholders approved the Merger Agreement with CBMG Holdings and CBMG Merger Sub Inc. The merger will result in CBMG becoming a wholly-owned subsidiary of Parent, with stockholders receiving $19.75 per share in cash. The merger is expected to close in February 2021, leading to the delisting of CBMG shares from NASDAQ. The company specializes in developing cell therapies for cancer and degenerative diseases, and it has ongoing clinical trials in China.
Cellular Biomedicine Group, Inc. (NASDAQ: CBMG) announced that over 99% of stockholders approved the merger agreement with CBMG Holdings and CBMG Merger Sub Inc. at a special meeting on February 8, 2021. The merger will lead to CBMG becoming a wholly-owned subsidiary of CBMG Holdings, with stockholders set to receive $19.75 per share in cash. The merger is anticipated to close in February 2021, after which CBMG shares will be delisted from NASDAQ.
Cellular Biomedicine Group (NASDAQ: CBMG) announced that three abstracts for its immuno-oncology drug developments will be presented at the 62nd American Society of Hematology Annual Meeting from December 5-8, 2020. The abstracts cover promising results for therapies targeting relapsed/refractory multiple myeloma and B-cell non-Hodgkin lymphoma. Notably, C-CAR088 shows a promising safety and efficacy profile, while C-CAR039 and C-CAR066 offer insights into novel CAR-T therapies. The presentation materials will be available on the company's investor relations website post-event.
Cellular Biomedicine Group (CBMG) reported Q3 2020 results, highlighting advancements in its immunotherapy and stem cell therapy pipelines. Notably, the C-CAR039 CAR-T therapy demonstrated a 94% objective response rate in non-Hodgkin lymphoma patients. The company has infused 26 out of 28 patients in its C-CAR088 multiple myeloma study. Financially, CBMG recorded a net loss of $17 million for the quarter, with expenses rising in research and administration. Cash reserves increased to $26 million, but short-term debt surged to $47.9 million. The outlook remains focused on further clinical trials and development.
Cellular Biomedicine Group, Inc. (NASDAQ: CBMG) will present at the 25th Annual Conference of the Chinese Biopharmaceutical Association-USA on August 30, 2020, from 10:10 a.m. to 10:35 a.m. EDT, discussing "Building a Competitive Cell Therapy Pipeline for Cancer Patients". Dr. Yihong Yao, Chief Scientific Officer, will lead the session focused on Cell and Gene Therapy. This virtual event will be broadcast from Rockville, MD. CBMG is known for developing innovative therapies for cancer and degenerative diseases, conducting clinical trials in China.
Cellular Biomedicine Group (CBMG) reported its financial results for Q2 2020, showing a net loss of $13.5 million for the quarter and $25.1 million for the first half. The company continues to advance its clinical programs, including C-CAR088 for multiple myeloma and C-CAR039 for non-Hodgkin's lymphoma, with encouraging safety and efficacy data. General and administrative expenses slightly increased, while research and development costs rose to $10.1 million in Q2. Cash reserves decreased to $13.58 million, prompting new borrowings of $29.3 million to strengthen financial stability.
Cellular Biomedicine Group (Nasdaq: CBMG) announced a definitive merger agreement to be acquired by a consortium led by its management and several equity investors. Shareholders will receive US$19.75 per share in cash, a premium of approximately 31.4% over the 30-day average price as of August 11, 2020. The merger requires stockholder approval and includes a 30-day 'go shop' period for other acquisition proposals. If completed, CBMG will become a private company and its stock will no longer be traded on NASDAQ.
Cellular Biomedicine Group (Nasdaq: CBMG) provided a comprehensive update on its clinical and pre-clinical programs in immunotherapies and stem cell therapies. The company is currently conducting several studies, including anti-BCMA CAR for multiple myeloma, anti-CD19/CD20 BiCAR for non-Hodgkin lymphoma, and therapies for knee osteoarthritis in Phase II trials. CEO Tony Liu highlighted challenges due to COVID-19 impacting patient enrollment, but expressed optimism as operations return to full capacity. CBMG's therapies are centered around innovative technology platforms aimed at treating cancer and degenerative diseases.
Cellular Biomedicine Group (Nasdaq: CBMG) held its 2020 Annual Meeting of Stockholders on June 26, with approximately 77% of outstanding shares represented. Key outcomes included the election of Chun Kwok Alan Au, Jacky (Gang) Ji, and Tony (Bizuo) Liu as Class II directors for three years. The appointment of BDO China Shu Lun Pan Certified Public Accountants LLP as the independent auditor for the fiscal year 2020 was ratified. Additionally, stockholders recommended an advisory vote on executive compensation every three years.
