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Cellular Biomedicine Group Provides Update and 2013 Milestones
Date:4/25/2013

PALO ALTO, Calif., April 25, 2013 /PRNewswire/ -- Cellular Biomedicine Group, Inc. (CBMG), a developer of proprietary cell therapies for the treatment of degenerative diseases and cancers, today announced company milestones for 2013. In addition, yesterday the company filed an amendment to its Form 8-K regarding the merger between EastBridge Investment Corp. and Cellular Biomedicine Group Ltd., completed on February 6, 2013, in order to publicly announce historical financial information regarding CBMG. 

"The first quarter of 2013 marked a critical period for CBMG," said Dr. William Cao , President of Cellular Biomedicine Group. "We launched two Phase I/II clinical trials and the interim data has provided an encouraging signal for our company to move forward with further clinical development."

2012 Financial Results

Combining the financial results of CBMG and EastBridge for the fiscal year ended December 31, 2012, these entities had combined revenue of $8.9 million, combined net income of $2.5 million, and ended the year with a combined $4.9 million in cash, according to the unaudited pro forma financial statements furnished by the company.  CBMG considered separately, had $0.27 million in revenue and a net loss of $5.59 million, for the year ending December 31, 2012.

2012 Achievements for Biomedicine Business

During 2012, the company reported the following progress for its biomedicine business:

  • CBMG's Shanghai facility was awarded ISO-14644 cleanroom certification by ENV Inc.
  • Shanghai and Wuxi facilities were accredited by the ISO (International Standards Organization) 9001:2008 certification by internationally recognized quality management system SGS
  • Both CBMG Shanghai and Wuxi facilities became GMP-certified by an SFDA-certifie
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SOURCE Cellular Biomedicine Group
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