CBMG Secures $120 Million Series A Financing to Accelerate Industrialization and Clinical Development of Solid Tumor Therapies

VCBeat (WeChat ID: Vcbeat) exclusively learned that on September 29, Cellular Biomedicine Group (hereinafter referred to as "CBG") announced the completion of its Series A financing round following privatization, with total funding reaching $120 million. This round was jointly led by the AstraZeneca CICC Healthcare Industry Fund, Sequoia Capital, and Yunfeng Capital, with existing shareholders such as the Government of Singapore Investment Corporation (GIC) and Taifoo Capital participating as follow-on investors.

The proceeds from this financing round will primarily be used to advance the clinical development of C-CAR039 (anti-CD19/CD20 dual-target CAR-T therapy) in China and the United States, and to accelerate the clinical development of C-CAR088 (anti-BCMA CAR-T therapy) for multiple myeloma. Concurrently, as a key strategic priority for the next phase, the company will also fully advance the development of multiple pipelines, including next-generation cellular therapies targeting solid tumors (armored CAR-T and TIL) and stem cell exosome therapies. Additionally, it will accelerate the clinical progression and commercialization of AlloJoin®, an allogeneic adipose-derived mesenchymal stem cell therapy for knee osteoarthritis, which has entered the late Phase II clinical stage.

As the first Chinese innovative biopharmaceutical company listed on Nasdaq, Cellular Biomedicine Group officially announced the initiation of its privatization at the end of 2019. In February 2021, Cellular Biomedicine Group successfully completed its privatization and delisted from the US stock market.

Leveraging its robust R&D, innovation, and manufacturing capabilities, Cellular Biomedicine Group was invited to deliver two oral presentations at the ASCO Annual Meeting this July, the world's premier oncology conference. Data from its C-CAR039 dual-target CAR-T product pipeline demonstrated significant potential in both safety and efficacy, making it highly likely to become a best-in-class product. Currently, C-CAR039 has been granted orphan drug designation by the U.S. Food and Drug Administration (FDA) Office of Orphan Products Development for the treatment of follicular lymphoma.

Liu Bizuo, CEO of Cellular Biomedicine Group, stated: “We are thrilled to successfully close our Series A financing in such a short timeframe following our privatization. First and foremost, we deeply appreciate the recognition and support from our shareholders, including Novartis, Sail Capital, and several investors who have backed us since the angel round. Their support has enabled Cellular Biomedicine Group to continuously attract strategic investors and optimize our shareholder structure. We also extend special thanks to Yunfeng Capital, GIC, and Taifu Capital for their additional capital commitments immediately following the privatization. We are equally honored to welcome high-quality, strategically valuable new partners such as the AstraZeneca CICC Healthcare Industry Fund and Sequoia Capital! Establishing deep strategic collaborations with two global pharmaceutical giants, AstraZeneca and Novartis, is a pivotal step for Cellular Biomedicine Group in building a new biopharmaceutical ecosystem, and it further underscores the company’s long-term development potential. With the robust support of these powerful investors who share our vision and objectives, the team at Cellular Biomedicine Group will steadfastly uphold our mission to ‘save lives, restore lives,’ continuously exploring and developing more innovative therapies to benefit patients!”