PALO ALTO, Calif., Sept. 30, 2014 (GLOBE NEWSWIRE) -- Cellular Biomedicine Group Inc. (Nasdaq:CBMG) ("CBMG" or the "Company"), a biomedicine firm engaged in the development of new treatments for degenerative and cancerous diseases, today announced it has completed the previously announced acquisition of privately held Agreen Biotech Co. Ltd. China ("AG") and its founder's U.S. patent.
AG's IP is comprised of T Cells Receptor ("TCR") clonality analysis technology and T Central Memory Cell ("Tcm") and Dendritic Cell ("DC") preparation methodologies. The TCR clonality analysis technology is based on the use of multiple sets of unique primers to amplify 22 regions of the TCR, thereby detecting clonal expansions related to antigen stimulation of the immune system, which enables the assessment of tumor specific immunity with high accuracy and efficiency. Tcm cells are the subpopulation of T lymphocytes with key characteristics including high potency and long-term memory of specific immunity; and they are the key element of immunocellular fortification against tumors, infections and immune disorders.
"The acquisition of AG accelerates the Company's strategy to grow its cancer immune cell therapy segment with a platform that presents the potential to complement or replace invasive chemotherapy for certain cancers. CBMG plans to expand AG's business position and grow the cancer patient tumor specific immunity assessment revenue by servicing additional hospitals. We warmly welcome the integration of thirty talented staff from AG into the CBMG family. Their addition will enable CBMG to expand beyond its Shanghai and Wuxi operations in China into northern regions of the country," said Dr. William (Wei) Cao, Chief Executive Officer of Cellular Biomedicine Group.
Under the terms of the agreement, CBMG will pay a consideration of approximately $3.3 million in cash and the issuance of 822,522 shares of CBMG common stock, subject to a one-year lock-up period, from the date of the agreement, in exchange for all shares of AG and its founder's U.S. patent. Additional information can be found in the Form 8-K which will be filed by Cellular Biomedicine Group with the Securities and Exchange Commission on or before October 2, 2014.
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.
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: Sarah Kelly Director of Corporate Communications, CBMG +1 650 566-5064 email@example.com Vivian Chen Managing Director Investor Relations, Grayling +1 646 284-9427 firstname.lastname@example.org
Source:Cellular Biomedicine Group Inc.