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8-K - CURRENT DOCUMENT - Cellular Biomedicine Group, Inc. | cbmg_8k.htm |
Exhibit
99.1
Cellular Biomedicine Group (CBMG) Announces Stock Repurchase
Program
SHANGHAI, China and CUPERTINO, Calif., June 1,
2017 /GlobeNewswire/ — Cellular Biomedicine Group
Inc. (NASDAQ: CBMG) (“CBMG” or the
“Company”), a clinical-stage biopharmaceutical firm
engaged in the development of effective immunotherapies for cancer
and stem cell therapies for degenerative diseases, today announced
the Company's Board of Directors (the "Board") has approved a new
stock repurchase program granting the company authority to
repurchase up to $10 million in common shares (the "2017
Stock Repurchase Program") through open market purchases pursuant
to a plan adopted in accordance with Rule 10b5-1 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)
and in accordance with Rule 10b-18 of the Exchange Act. Under the
new stock repurchase program, which is designed to return value to
CBMG’s stockholders, the company plans to repurchase shares in the open market in accordance
with all applicable securities laws and regulations, including Rule
10b-18 of the Securities Exchange Act of 1934, as
amended.
About Cellular Biomedicine Group
Cellular Biomedicine Group, Inc.
(NASDAQ: CBMG) develops proprietary cell therapies for the
treatment of cancer and degenerative diseases. We conduct
immuno-oncology and stem cell clinical trials in China using
products from our integrated GMP laboratory. Our GMP facilities in
China, consisting of twelve independent cell production lines, are
designed and managed according to both China and U.S. GMP
standards. CBMG recently commenced two Phase I human clinical
trials in China using CAR-T to treat Refractory Diffuse Large
B-cell Lymphoma (DLBCL), a Phase I human clinical trial to treat
relapsed/refractory CD19+ B-cell Acute Lymphoblastic Leukemia
(ALL), as well as an ongoing Phase I trial in China for
AlloJoinTM
(CBMG’s
“Off-the-Shelf” Allogeneic Human Adipose-derived
Mesenchymal Stem Cell) for the treatment of Knee Osteoarthritis
(KOA). CBMG was recently awarded $2.29 million from the California
Institute for Regenerative Medicine (CIRM) to support pre-clinical
studies of AlloJoinTM
for Knee Osteoarthritis in the United
States. The Company also recently announced a strategic partnership
with GE Healthcare Life Sciences China to establish a joint
technology laboratory to develop control processes for the
manufacture of CAR-T and stem cell therapies. 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 risks
inherent in doing business, trends affecting the global economy,
including the devaluation of the RMB by China in August 2015 and
other risks detailed from time to time in CBMG’s reports
filed with the Securities and Exchange Commission, quarterly
reports on form 10-Q, current reports on form 8-K and annual
reports on form 10-K. 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.
Contacts:
Sarah Kelly
Director of Corporate Communications, CBMG
+1 408-973-7884
sarah.kelly@cellbiomedgroup.com