On November 6, 2019 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, reported its financial results and business highlights for the third quarter of 2019 (Press release, Cellular Biomedicine Group, NOV 6, 2019, View Source [SID1234550512]).
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"During the third quarter of 2019, we made great strides in both corporate and clinical progress. We started our U.S. expansion for research and clinical development in a new 22,000 square foot facility in Rockville, Maryland in October 2019. This milestone will allow us to foster strategic partnerships, develop new innovations and support continued development of CBMG’s cell therapy-based immune-oncology assets that have shown promise in early proof-of-concept trials in China," said Tony (Bizuo) Liu, Chief Executive Officer for the Company.
"We also had continued progress on the clinical side, with the initiation of our Phase II clinical trial in China of AlloJoin therapy for knee osteoarthritis (KOA). Additionally, our autologous stem cell therapy program for KOA, ReJoin, was accepted by the NMPA in China to begin a Phase II clinical trial. We are excited about our regenerative medicine programs as we are currently the only company that has received two clinical trial acceptances for any stem cell program in China."
Mr. Liu continued, "Presentations of our pre-clinical and clinical data at upcoming medical conferences later this year will demonstrate continued focus on our immune-oncology pipeline and we are proud to provide an update of our commitment to cancer immunotherapy."
Third Quarter 2019 and Other Recent Corporate Developments
New facility to expand research and development and to support clinical development in Rockville, MD
Initiation of AlloJoin therapy for multiple-site Knee Osteoarthritis Phase II clinical trial
ReJoin therapy received stem cell drug application acceptance for Phase II clinical trial by NMPA
Upcoming Clinical and Preclinical Presentations:
Society of Immunotherapy in Cancer ("SITC") 34th Annual Meeting
Poster Presentation
The Next Generation "Off-The-Shelf" Universal CAR For Adoptive Immunotherapy (Abstract ID: P229)
Friday, November 8, 2019 – 7:00 AM – 8:00 AM ET
Gaylord National Hotel & Convention Center, National Harbor, MD
American Society of Hematology ("ASH") 61st Annual Meeting and Exposition
Oral Presentation
Developing a Novel Anti-BCMA CAR-T For Relapsed or Refractory Multiple Myeloma (Submission ID: 125372)
Saturday, December 7, 2019 – 7:45 AM – 8:00 AM ET
Orange County Convention Center (OCCC), Orlando, FL
Financial Results for the Third Quarter of 2019
Net loss allocable to common stock holders for the quarter and nine months ended September 30, 2019 was $15.9 million and $37.3 million respectively, compared to $12.7 million and $30.4 million for the same periods in 2018.
General and administrative expenses for the quarter and nine months ended September 30, 2019 were $3.3 million and $10.0 million, respectively, compared to $3.3 million and $9.6 million for the same periods in 2018.
Research and development expenses for the quarter and nine months ended September 30, 2019 were $13.1 million and $28.2 million respectively, compared $6.5 million and $18.0 million for the same periods in 2018.
Net cash used in operating activities for the nine months ended September 30, 2019 was $28.1 million, compared to $19.4 million for the same period in 2018.
Cash balance was $29.0 million as of September 30, 2019, compared to $39.7 million as of June 30, 2019.
Conference Call and Webcast Information
The Company will host a conference call and webcast with the investment community on Wednesday, November 6th at 4:30 p.m. Eastern Time featuring remarks by Tony Liu, Executive Director, CEO and CFO of CBMG.
Live Call:
Toll-Free: 1-855-327-6838
International: 1-604-235-2082
Webcast:
Replay:
Toll-Free: 1-844-512-2921
International: 1-412-317-6671
Conference ID: 10007976
(Available approximately two hours after the completion of the live call until 11:59 p.m. ET on November 20, 2019)