Cellular Biomedicine Group (CBMG) Announces Results of 2020 Annual Meeting of Stockholders

Rhea-AI Summary

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.

Positive

• Election of three directors ensuring stability and governance.
• Ratification of reputable auditor, enhancing credibility.
• Majority support for longer intervals between executive compensation votes may reduce administrative burden.

Negative

• None.

GAITHERSBURG, Md. and SHANGHAI, June 29, 2020 /PRNewswire/ -- Cellular Biomedicine Group Inc. (Nasdaq: CBMG) ("CBMG" or the "Company"), a biopharmaceutical firm engaged in the drug development of immunotherapies for cancer and stem cell therapies for degenerative diseases, today announced the voting results of its 2020 Annual Meeting of Stockholders, held on June 26, 2020 in Long Island City, NY. Approximately 77% of the Company's outstanding shares were represented at the 2020 Annual Meeting.

The following business items were approved by a strong majority at the Annual Meeting:

1. Three (3) "Class II" directors, Chun Kwok Alan Au, Jacky (Gang) Ji and Tony (Bizuo) Liu, were elected for a term of three years;
2. The appointment of BDO China Shu Lun Pan Certified Public Accountants LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2020 was ratified;
3. A non-binding advisory vote on the compensation of the Company's named executive officers was approved; and
4. A non-binding advisory vote on the frequency of future advisory votes on the compensation of the Company's named executive officers resulted in a recommendation of three years.

In light of the stockholders' recommendation to hold advisory votes on the compensation of named executive officers every three years and upon consideration of other relevant factors, the Company has determined to hold advisory votes on the compensation of its named executive officers every three years.

About Cellular Biomedicine Group, Inc.
Cellular Biomedicine Group, Inc. (Nasdaq: CBMG) develops proprietary cell therapies for the treatment of cancer and degenerative diseases. The company conducts immuno-oncology and stem cell clinical trials in China using products from its integrated GMP laboratory. The Company's GMP facilities in China, consisting of twelve independent cell production lines, are designed and managed according to both China and U.S. GMP standards. Its Shanghai facility includes a "Joint Laboratory of Cell Therapy" with GE Healthcare and a "Joint Cell Therapy Technology Innovation and Application Center" with Thermo Fisher Scientific. These partnerships focus on improving manufacturing processes for cell therapies. CBMG currently has ongoing CAR-T Phase I clinical trials in China. The China NMPA (formerly CFDA) approved the Company's IND application for a Phase II trial for AlloJoin®, CBMG's "Off-the-Shelf" allogenic haMPC therapy for the treatment of Knee Osteoarthritis (KOA), and has accepted the Company's IND application for a Phase II trial for ReJoin® autologous haMPC therapy for the treatment of KOA. The NMPA has also accepted CBMG's dossier for an IND application for clinical trials of anti-BCMA CAR-T. CBMG is included in the broad-market Russell 3000® Index the small-cap Russell 2000® Index and the Loncar China BioPharma index. To learn more about CBMG, please visit www.cellbiomedgroup.com.

Company Contact:
Derrick C. Li
Head of Strategy and Investor Relations, CBMG
Phone: 917-717-0994
Email: derrick.li@cellbiomedgroup.com 

 

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SOURCE Cellular Biomedicine Group

FAQ

What were the results of CBMG's 2020 Annual Meeting of Stockholders?

At the 2020 Annual Meeting of Stockholders, CBMG elected three Class II directors and ratified the appointment of BDO China Shu Lun Pan as its independent auditor for 2020.

When was the CBMG Annual Meeting held?

The CBMG Annual Meeting of Stockholders was held on June 26, 2020.

Who were the newly elected directors of CBMG?

The newly elected directors of CBMG are Chun Kwok Alan Au, Jacky (Gang) Ji, and Tony (Bizuo) Liu.

What major decisions were made regarding executive compensation at the CBMG meeting?

The stockholders approved a non-binding advisory vote on executive compensation and recommended that such votes occur every three years.