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.
Forward-Looking Statements
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