Edison Investment Research - Cellular Biomedicine Group Inc (CBMG) - Cell therapy for China and the US

Report

Edison Investment Research

Dr Nathaniel Calloway

- Cell therapy for China and the US

We are initiating coverage on Cellular Biomedicine Group (CBMG), a trans-Pacific cell therapy company developing products in China and the US. It has two ongoing Phase I clinical trials of CD19 chimeric antigen receptor T-cell (CAR-T) therapies for blood cancers in China. Additionally, it is adapting its knee osteoarthritis (KOA) treatment ReJoin as an allogeneic product, AlloJoin, which it hopes to develop in the US after a 2017 or 2018 IND. We arrive at an initial valuation of $191.6m or $13.58 per share.

02/10/2017 19 EN

Underlying

Cellular Biomedicine Group Inc

Cellular Biomedicine Group is a clinical-stage biopharmaceutical company engaged in using its proprietary cell-based technologies to develop immunotherapies for the treatment of cancer and stem cell therapies for the treatment of degenerative diseases. The company's technologies include two primary cell platforms: immune cell therapy for treatment of a range of cancer indications, including hematological cancer and solid tumors; and regenerative Medicines using human adipose-derived mesenchymal progenitor cells for treatment of joint diseases, including knee osteoarthritis (autologous & allogeneic); and other degenerative and dermatologic diseases (assessing the feasibility).

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US15117P1021 United States

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Dr Nathaniel Calloway

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