Cellular Biomedicine's Losses Rise; Stock Tumbles 13%
The stock in Cellular Biomedicine Group Inc. (Nasdaq: CBMG) dropped more than 13 percent to $11.79 per share on Wednesday after the company reported higher-than-expected losses for the first half-year.
The Chinese biopharmaceutical company, which focuses on immunotherapies for cancer and stem cell therapies for degenerative diseases, reported in a statement Tuesday evening that its revenue in the six months through June was $49,000, a 62 percent decrease from the same period in 2018.
The company's net loss reached $21.4 million, or $1.15 per share, compared with a loss of $17.7 million, or $1.03 per share, a year ago.
"During the second quarter of 2019, we made strides in advancing CBMG's clinical pipeline in China. This includes expansion to multiple sites, dose escalation and robust patient recruitment for our B cell maturation antigen (BCMA) CAR-T program targeting multiple myeloma (MM)," the chief executive officer of CBMG, Tony Liu, said in a statement.
Liu also said, "We continue to leverage the investigator initiated trial (IIT) process in China and plan to initiate these cancer clinical trials in the U.S. when we see positive proof of concept signals in the IIT studies in China."
CMBG said it plans on presenting updates of clinical data for the company's anti- B-cell maturation antigen (BCMA) chimeric antigen receptor (CAR) T-cell therapy in the fourth quarter for 2019.