Navigation Links
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 were $(307,837), compared to $1,301 for the same period a year ago.

As of June 30, 2013, the company had $2.1 million in cash and cash equivalents. For the six months ended June 30, 2013 and the twelve months ended December 31, 2012, cash used for operations was $4.6 million and $2.0 million, respectively.

Business Highlights

During and since the second quarter of 2013, the company has:

  • Completed the enrollment required for its Phase I trial to evaluate the safety and preliminary efficacy of the medical technology haMPC (Human Adipose-derived Mesenchymal Progenitor Cells) therapy for Knee Osteoarthritis (KOA)
  • Achieved half of the enrollment of the total projected enrollment required for its Phase I trial to evaluate the safety and preliminary efficacy of TC-DC (Tumor Stem Cell Specific Dendritic Cell) therapy for hepatocellular carcinoma (HCC)
  • Appointed orthopedic surgeon Maxwell Wang, M.D., PhD, as Director of Medical Research
  • Raised $3.0 million in working capital through the issuance of its common stock in July 2013.

"We have accomplished much in the past quarter," said Chairman and CEO Dr. Steve Liu. "The completion and near-completion of enrollment for our KOA and liver cancer trials, respectively, are important achievements. We are very encouraged that the interim data from each trial continues to support the strong safety profile of the therapies, and believe that the efficacy of these therapies combined with our international compliance will position us to become a leading translational cellular medicine platform in China."

About Cellular Biomedicine Group
Cellular Biomedicine Group, Inc. develops proprietary cell therapies for the treatment of certain degenerative diseases and cancers.  Our developmental stem cell, progenitor cell, and immune cell projects are the result of research and development by scientists and doctors from China and the United States. Our flagship GMP facility, consisting of eight independent cell production lines, is designed, certified and managed according to U.S. standards.  To learn more about CBMG, please visit: www.CellBioMedGroup.com

Forward-Looking Statements
Statements in this press release relating to plans, strategies, trends, specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "expects," "plans," "intends," "estimates," "potential," or "continue," or similar terms or the negative of these terms. Although CBMG believes the expectations reflected in the forward-looking statements are reasonable, they cannot guarantee that future results, levels of activity, performance or achievements will be obtained. CBMG does not have any obligation to update these forward-looking statements other than as required by law.

Contact:
Jeff Ramson 
Investor Relations
ProActive Capital Group
+1 646-863-6341

Sarah Kelly 
Director of Corporate Communications, CBMG
+1 650 566 5064
sarah.kelly@cellbiomedgroup.com 


'/>"/>
SOURCE Cellular Biomedicine Group
Copyright©2012 PR Newswire.
All rights reserved

Related biology technology :

1. Decellularized mouse heart beats again after regenerating with human heart precursor cells
2. Cellular Dynamics International Announces Launch of Initial Public Offering
3. Cellular Biomedicine Group Announces Expansion in the Osteoarthritis and Rheumatoid Arthritis Market
4. Cellular Therapy and Cord Blood 2013 Market Report
5. Cellular Biomedicine Group Announces Appointment of Corporate Controller
6. Cellular Dynamics International Expands MyCell Products Line with Disease Models, Genetic Engineering Patents
7. Cellular Dynamics International Files Registration Statement for Proposed Initial Public Offering
8. Cellular Biomedicine Group Achieves 50% Enrollment Milestone in Phase I Clinical Trial for Knee Osteoarthritis
9. Intra-Cellular Therapies Appoints Professor Sir Michael Rawlins to its Board of Directors
10. Top Genetic and Cellular Researchers Honored at ASGCT 16th Annual Meeting
11. Exit discovered in cellular garbage truck
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... NC (PRWEB) , ... June 27, 2016 , ... ... mission to bring innovative medical technologies, services and solutions to the healthcare market. ... and implementation of various distribution, manufacturing, sales and marketing strategies that are necessary ...
(Date:6/27/2016)... , June 27, 2016   Ginkgo Bioworks , ... industrial engineering, was today awarded as one of ... of the world,s most innovative companies. Ginkgo Bioworks ... for the real world in the nutrition, health ... work directly with customers including Fortune 500 companies ...
(Date:6/24/2016)... ... June 24, 2016 , ... While the majority of commercial spectrophotometers ... 5000 and the 6000i models are higher end machines that use the more unconventional ... spectrophotometer’s light beam from the bottom of the cuvette holder. , FireflySci has ...
(Date:6/23/2016)... ... June 23, 2016 , ... UAS ... the launch of their brand, UP4™ Probiotics, into Target stores nationwide. The company, ... proud to add Target to its list of well-respected retailers. This list includes ...
Breaking Biology Technology:
(Date:5/12/2016)... DALLAS , May 12, 2016 ... has just published the overview results from the Q1 ... of the recent wave was consumers, receptivity to a ... wearables data with a health insurance company. ... choose to share," says Michael LaColla , CEO ...
(Date:5/3/2016)...  Neurotechnology, a provider of high-precision biometric identification ... Identification System (ABIS) , a complete system for ... can process multiple complex biometric transactions with high ... face or iris biometrics. It leverages the core ... MegaMatcher Accelerator , which have been used in ...
(Date:4/28/2016)... , April 28, 2016 First quarter ... (139.9), up 966% compared with the first quarter of 2015 ... totaled SEK 589.1 M (loss: 18.8) and the operating margin was ... (loss: 0.32) Cash flow from operations was SEK 249.9 ... 2016 revenue guidance is unchanged, SEK 7,000-8,500 M. The ...
Breaking Biology News(10 mins):