Cellular Biomedicine Group Announces Dismissal of Class Action Litigation
SHANGHAI, China and CUPERTINO, Calif., Aug. 18, 2016 (GLOBE NEWSWIRE) — Cellular Biomedicine Group Inc. (NASDAQ:CBMG) (“CBMG” or the “Company”), a clinical-stage biomedicine firm engaged in the development of effective stem cell therapies for degenerative diseases and immunotherapies for cancer, today announced that the class action litigation brought against the Company and the individual defendants has been dismissed in its entirety, with prejudice and without leave to amend.
“We are extremely pleased with the Court’s decision to remove this litigation in its entirety and will continue to deploy resources to advance our clinical programs in both of our immuno-oncology and stem cell platforms. Our team remains steadfast and focused on delivering therapies to treat large unmet medical needs while delivering value to our shareholders. We anticipate to announce the sponsorship of multi-indication clinical trials with multiple institutions using CBMG’s CAR-T technologies and will continue to evaluate the feasibility of initiating additional clinical trials for AlloJoinTM, our off-the-shelf allogeneic adipose derived progenitor cell (haMPC) therapy for the treatment of Knee Osteoarthritis (KOA) in the coming quarters,” commented Tony (Bizuo) Liu, Chief Executive Officer of Cellular Biomedicine Group.
About Cellular Biomedicine Group
Cellular Biomedicine Group, Inc. develops proprietary cell therapies for the treatment of certain degenerative and cancerous diseases. Our developmental stem cell and Immuno-Oncology projects are the result of research and development by scientists and doctors from China and the United States. Our GMP facilities in China, consisting of twelve independent cell production lines, are 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 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 +1 650 566-5064 [email protected] Vivian Chen Managing Director Investor Relations, Grayling +1 347 481-3711 [email protected]
