Novartis-backed Cellular Biomedicine Group is hitting the ground running as a newly private company with $120 million from AstraZeneca and others after delisting from the Nasdaq in February.
The CAR-T and stem cell therapy player, shortened to CBMG, is looking to build out its programs in blood cancers, solid tumors and knee osteoarthritis.
The China-U.S. biotech picked up the series A from AstraZeneca through the Big Pharma's $1 billion partnership with China International Capital Corporation, Sequoia Capital China, Yunfeng Capital, GIC, TF Capital and others.
CBMG has multiple phase 1 assets in development, including an anti-CD19/CD20 CAR-T therapy being tested in patients with relapsed or refractory non-Hodgkin lymphoma and a B cell maturation antigen in relapsed/refractory multiple myeloma. Further down the pipeline are tumor-infiltrating lymphocyte therapies aimed at solid tumors.
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CBMG's investigational stem cell treatments will also benefit from the new financing. The company is in phase 2 trials for two different therapies targeting knee osteoarthritis.
The biotech is also in line to make Novartis' CAR-T therapy Kymriah at a site in China, the Swiss Big Pharma said in October. Novartis previously made a $40 million investment for about 9% of CBMG's shares, which included global intellectual rights to certain CBMG CAR-T technology as part of the deal.
The biotech was an early Chinese entrant on the Nasdaq in 2014 but decided last year to forgo the public markets in favor of a private route.
The company has manufacturing facilities in China and Rockville, Maryland.