On April 30, 2019 Cellular Biomedicine Group, Inc. (Nasdaq: CBMG) ("CBMG" or the "Company"), a biopharmaceutical firm engaged in the drug development of immunotherapies for cancer and stem cell therapies for degenerative diseases, reported its financial results and business highlights for the first quarter ended March 31, 2019 (Press release, Cellular Biomedicine Group, APR 30, 2019, View Source [SID1234535479]).
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"Early in 2019, we achieved the first of many milestones anticipated for this year in support of our immuno-oncology platform, as we initiated patient recruitment for our Phase I trial of anti-BCMA CAR-T therapy targeting multiple myeloma in China. We are also on track with the technology transfer from the strategic licensing and collaboration agreement that we signed during the 2018 third quarter with a global leader in CAR-T cell therapy for patients in China," commented Tony Liu, Chief Executive Officer of CBMG. "In addition to the AFP-TCR and TIL solid tumor platform, in 2019 we plan to initiate clinical development for CAR-T programs for CD22, CD20 and NKG2D for hematological cancers, and AFP TCR-T for metastatic HCC. Also during the first quarter, significant progress was made with our Stem Cell Platform as our IND application for AlloJoin for KOA became the first stem cell drug application to be approved by China’s CDE for a Phase II KOA clinical trial since the new Regulation’s release*. Our broad clinical development programs and investments into our in-house research, manufacturing capabilities and our CMC platform remain a key part of our strategy to realize the potential of CAR-T cell therapies for patients suffering from various cancers."
* China NMPA (formerly CFDA) clarified Cell Therapy Regulations in December 2017 (the "Regulation") whereby all cell therapies are being treated as drug NDA/IND.
First Quarter 2019 Financial Performance
Cash Position: Cash position as of March 31, 2019 was $62 million (including restricted cash) compared to $52.8 million as of December 31, 2018;
Net Cash Used in Operating Activities: Net cash used in operating activities for the first quarter of 2019 was $7.9 million, compared to $5.6 million for the same period in 2018, a 41% increase;
G&A Expenses: General and administrative expenses for the first quarter of 2019 were $3.4 million compared to $3.2 million for the same period in 2018, an 8% increase;
R&D Expenses: Research and development expenses for the first quarter of 2019 were $6.0 million, compared to $5.3 million for the same period a year ago, a 13% increase. The increase was primarily due the increased spending in the growth of our pipeline in both liquid tumor and solid tumor development;
Net Loss: Net loss allocable to common stock holders was $9.3 million, compared to $8.5 million for the same period in 2018, a 10% increase.
In January 2019, China Merchants Bank granted the Company a credit up to RMB 100 million (approximately $14.7 million) via revolving and/or one-time credit lines, which period runs until December 30, 2019. As of March 31, 2019, $6.1 million had been drawn down under this banking facility.
Conference Call and Webcast Information
The Company will host a conference call and webcast with the investment community on Wednesday, May 1st at 8:30 a.m. Eastern Time / 8:30 p.m. China Standard Time featuring remarks by Tony Liu, Executive Director, CEO and CFO of CBMG.
Live Call:
Toll-Free: 1-877-423-9813
International: 1-201-689-8573
Webcast:
View Source
Replay:
Toll-Free: 1-844-512-2921
International: 1-412-317-6671
Conference ID: 13690103
(Available approximately two hours after the completion of the live call until 11:59 p.m. ET on May 15, 2019)