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Cellular Biomedicine Group Inc (CBMG) saw its loss widen to $28.21 million, or $2.09 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $19.45 million, or $1.70 a share. Revenue during the year plunged 74.94 percent to $0.63 million from $2.51 million in the previous year. Gross margin for the year stood at negative 37.02 percent as compared to a positive 24.95 percent for the previous year.
Operating loss for the year was $28.42 million, compared with an operating loss of $20.85 million in the previous year.
“2016 was a pivotal year for Cellular Biomedicine Group which resulted in the Company’s ability to advance our immuno-oncology program with a new Phase I CAR-T clinical trial for the treatment of patients with refractory Diffuse Large B-Cell Lymphoma (DLBCL) while reporting promising interim safety data from our AlloJoinTM allogeneic haMPC therapy for the treatment of Knee Osteoarthritis (KOA) in China,” commented Tony (Bizuo) Liu, Chief Executive Officer of CBMG. “We continue to build momentum in 2017 with the announcement of our second Phase I CAR-T clinical trial for the treatment of adult patients with relapsed or refractory CD19+ B-cell Acute Lymphoblastic Leukemia (ALL) utilizing CBMG’s proprietary and optimized CD19 construct. In addition, CBMG was also awarded $2.29 million from the California Institute for Regenerative Medicine (CIRM) to support pre-clinical studies of AlloJoinTM in the U.S., which bolsters our confidence in the resources we have dedicated to the development of an off-the-shelf stem cell product and validates the previous clinical trials we have conducted in China. Our endeavor in the U.S. market will further strengthen our commercialization pipeline.
Operating cash flow remains negative
Cellular Biomedicine Group Inc has spent $15.87 million cash to meet operating activities during the year as against cash outgo of $11.75 million in the last year. The company has spent $2.73 million cash to meet investing activities during the year as against cash outgo of $7.70 million in the last year.
Cash flow from financing activities was $43.29 million for the year, up 120.31 percent or $23.64 million, when compared with the last year.
Cash and cash equivalents stood at $39.25 million as on Dec. 31, 2016, up 163.71 percent or $24.37 million from $14.88 million on Dec. 31, 2015.
Working capital increases sharply
Cellular Biomedicine Group Inc has recorded an increase in the working capital over the last year. It stood at $38.33 million as at Dec. 31, 2016, up 180.28 percent or $24.65 million from $13.68 million on Dec. 31, 2015. Current ratio was at 17.21 as on Dec. 31, 2016, up from 5.53 on Dec. 31, 2015.
Days sales outstanding went up to 345 days for the year compared with 130 days for the same period last year.
At the same time, days payable outstanding went up to 77 days for the year from 40 for the same period last year.
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