Cellular Biomedicine Group Inc (CMBG) saw its loss widen to $6.16 million, or $0.43 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $4.21 million, or $0.35 a share. Revenue during the quarter plunged 79.85 percent to $0.10 million from $0.49 million in the previous year period. Gross margin for the quarter period stood at positive 62 percent as compared to a negative 3.01 percent for the previous year period.
Operating loss for the quarter was $6.29 million, compared with an operating loss of $5.37 million in the previous year period.
“The first quarter of 2017 was very productive, with several key achievements, including the commencement of our second Phase I CAR-T clinical trial utilizing CBMG’s proprietary and optimized CD19 construct, for the treatment of adult patients with relapsed or refractory CD19+ B-cell Acute Lymphoblastic Leukemia (ALL),” commented Tony Liu, Chief Executive Officer of CBMG. “The award of $2.29 million from the California Institute for Regenerative Medicine (CIRM) to support pre-clinical studies of AlloJoinTM in the U.S., moves forward our endeavor into the U.S. market and the development of an off-the-shelf stem cell product to treat Knee Osteoarthritis (KOA). The signing of a collaboration with GE Healthcare Life Sciences China to establish a joint laboratory within our own GMP facilities in Shanghai credits our GMP stature and capabilities. We are determined to build on our accomplishments from the first quarter to continue to strengthen our innovative pipelines and move our clinical assets into later stage development. We believe we are ahead of the competitive curve in addressing the manufacturing barriers to delivering consistent clinical grade cell therapies which have the potential to address the large cancer and knee osteoarthritis markets.”
Operating cash flow remains negative
Cellular Biomedicine Group Inc has spent $4.86 million cash to meet operating activities during the quarter as against cash outgo of $3.58 million in the last year period. The company has spent $1.05 million cash to meet investing activities during the quarter as against cash outgo of $0.67 million in the last year period.
Cash flow from financing activities was $0.01 million for the quarter, down 99.89 percent or $5.06 million, when compared with the last year period.
Cash and cash equivalents stood at $33.36 million as on Mar. 31, 2017, up 112.94 percent or $17.69 million from $15.67 million on Mar. 31, 2016.
Working capital increases sharply
Cellular Biomedicine Group Inc has recorded an increase in the working capital over the last year. It stood at $33.32 million as at Mar. 31, 2017, up 129.35 percent or $18.79 million from $14.53 million on Mar. 31, 2016. Current ratio was at 17.61 as on Mar. 31, 2017, up from 5.58 on Mar. 31, 2016.
Days sales outstanding went up to 889 days for the quarter compared with 182 days for the same period last year.
At the same time, days payable outstanding went up to 1255 days for the quarter from 42 for the same period last year.
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