HONG KONG, Sept. 30, 2021 /PRNewswire/ -- CBMG Holdings (or the "Company"), a Cayman Island biopharmaceutical company developing innovative cellular immunotherapies for the treatment of cancer and degenerative diseases, today announced the closing of a $120 million Series A investment, led by AstraZeneca-CICC Fund, Sequoia Capital China and Yunfeng Capital. Both new and certain existing investors, including GIC and TF Capital, subscribed to the Series A financing.
This round of financing will largely be used to accelerate the clinical development of the Company's immune-oncology platform. Specifically, C-CAR039, an anti-CD19/CD20 bispecific CAR-T therapy for the treatment of patients with relapsed or refractory non-Hodgkin lymphoma (r/r NHL) and C-CAR088, a B cell maturation antigen (BCMA) therapy for patients with late-stage relapsed/refractory (r/r) multiple myeloma (MM), as well as armored CAR-T therapies and tumor-infiltrating lymphocytes (TIL) therapies targeting solid tumors. In addition, the capital injection will support the continuing development of the Company's stem cell platform, including the study of acute respiratory distress syndrome (ARDS) using allogeneic human adipose mesenchymal stem cell exosomes (haMSC-Exos) and extracellular vesicle, and the data compilation from its off-the-shelf product AlloJoin® applying adipose-derived stem cells in the treatment of Phase II knee osteoarthritis (KOA) clinical trial in China.
One of the earliest pure-play biotechnology companies from China to be approved for listing on the NASDAQ Market, Cellular Biomedicine Group successfully completed its privatization in February 2021.
As a result of its strong research and development and cell and gene therapy manufacturing know-how, Cellular Biomedicine Group was invited to present two abstracts at the esteemed American Society of Clinical Oncology (ASCO) Annual Meeting in June. Among them, C-CAR039 for r/r NHL displayed a very encouraging safety and efficacy profile, with the potential to be a Best-in-Class drug. The U.S. Food and Drug Administration (FDA) Office of Orphan Products Development has granted CBMG an Orphan Drug Designation (ODD) to C-CAR039, for the treatment of Follicular Lymphoma, an indolent form of non-Hodgkin Lymphoma.
"We are pleased to complete this Series A funding shortly after our successful privatization", commented Tony (Bizuo) Liu, Chairman and CEO of CBMG Holdings. "We are blessed to have our long-term investors continue to support us before, during, and after, privatization. Thank you, Novartis, Sailing Capital, and other long-term investors for believing in us. Accolades from shareholders has helped continue to attract new strategic investors. I am grateful to Yunfeng Capital, GIC and TF Capital for continuing to increase their investment after the initial privatization investment. We are honored that AstraZeneca-CICC Fund, Sequoia Capital China and other high-quality, valuable new partners have joined the shareholder base. With the support of these long-term and new, marquee investors, we affirm our mission of 'Saving Lives and Revitalizing Lives' and bringing to market innovative therapies to address significant unmet medical needs."
About CBMG Holdings
CBMG Holdings develops proprietary cell therapies for the treatment of cancer and degenerative diseases. The Company operates a state-of-the-art facility in Rockville, Maryland with five GMP rooms in order to augment its global research and development capabilities and to support clinical development of multiple cell therapy platform technologies in the United States. The company conducts immuno-oncology and stem cell clinical trials in China using products from its integrated GMP laboratory. The Company's GMP facilities in China, consisting of twelve independent cell production lines, are designed and managed according to both China and U.S. GMP standards. The Company currently conducts ongoing studies in China, for CAR-T therapies targeting blood cancers, including C-CAR039, an anti-CD19, CD20 BiCAR treatment for non-Hodgkin lymphoma (NHL), in addition to T cell receptor (TCR-T) and tumor-infiltrating lymphocytes (TIL) therapies targeting solid tumors. The China NMPA (formerly CFDA) approved the Company's IND application for a Phase II trial for AlloJoin®, its "Off-the-Shelf" allogenic haMPC therapy for the treatment of Knee Osteoarthritis (KOA) and has accepted the Company's IND application for a Phase II trial for ReJoin® autologous haMPC therapy for the treatment of KOA.
Statements in this communication relating to plans, strategies, specific activities, and other statements that are not descriptions of historical facts are forward-looking statements. 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 any risks detailed from time to time in CBMG Holding's reports, including risks relating to the impact of the COVID-19 pandemic on our operations, including risks associated with the evolving COVID-19 pandemic and actions taken in response to it. Such statements are based on the current beliefs and expectations of the management of the Company and are subject to significant risks and uncertainties outside of the Company's control. Given these uncertainties, you should not place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as otherwise required by law, CBMG Holdings does not undertake any obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.
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SOURCE CBMG Holdings