CBMG raises about $31M for gene therapy in China

Sailing Capital Overseas Investment Ltd. and its affiliates invested $30.5 million in cell therapy company Cellular Biomedicine Group Inc. (NASDAQ:CBMG) through the sale of 1.7 million shares at $17.80 in a private placement. CBMG said it raised $30.6 million in a press release but the company could not be reached for comment regarding the discrepancy. The placement agent was Cantor Fitzgerald.

CBMG is developing cellular therapies to treat cancer and degenerative diseases in China. Its CD19-targeting chimeric antigen receptor (CAR) T cell therapy, C-CAR011, is in Phase I testing in China under two names: as CARD-1, to treat diffuse large B cell lymphoma (DLBCL) and non-Hodgkin's lymphoma (NHL); and as CALL-1, to treat acute lymphoblastic leukemia (ALL)...