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Cellular Biomedicine Group Reports Second Quarter and First Half 2013 Financial Results and Business Highlights
Date:8/16/2013

PALO ALTO, Calif., Aug. 16, 2013 /PRNewswire/ -- Cellular Biomedicine Group, Inc. (OTCQB: CBMG), a developer of proprietary cell therapies for the treatment of degenerative diseases and cancers, this week reported financial results and business highlights for the quarter and six months ended June 30, 2013.

Financial Results

Cellular Biomedicine Group reported a net loss for the quarter and six months ended June 30, 2013 of $2.5 million, or $0.44 loss per share and $8.4 million, or $1.62 loss per share, respectively, compared to a net loss of $0.9 million, or $0.30 loss per share, and $1.8 million, or $0.63 loss per share, for the same periods a year ago. The increase in net loss from the prior year is primarily due to an increase in general and administrative expenses and research and development expenses.

General and administrative expenses for the quarter and six months ended June 30, 2013 were $1.9 million and $7.0 million, respectively, compared to $0.8 million and $1.5 million for the same periods a year ago.  Of the $5.5 million increase in general and administrative expenses for the six months ended June 30, 2013 as compared to the six months ended June 30, 2012, approximately $2.7 million was in the form of cash expenses, which included $1.3 million in merger-related professional fees, and the remainder were in non-cash expenses.

Research and development expenses for the quarter and six months ended June 30, 2013 were $0.6 million and $1.1 million, respectively, compared to $0.06 million and $0.3 million for the same periods a year ago.

Depreciation and amortization expenses for the six months ended June 30, 2013 were $0.4 million, compared to $0.1 million for the same period a year ago.

Other income (expense) for the quarter ended June 30, 2013 was $15,306, compared to $288 for the same period a year ago. Other income (expense) for the six months ended June 30, 2013
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SOURCE Cellular Biomedicine Group
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