Cellular Biomedicine Group Inc. priced an underwritten public offering of 1,029,412 common shares at $17 apiece to raise about $17.5 million in gross proceeds.

The biopharmaceutical company granted the underwriters an option to buy up to an additional 154,411 shares.

Cellular Biomedicine plans to use the net proceeds from this offering for preclinical studies, clinical trials, continued technology platform development, as well as for working capital and other general corporate purposes.

Cantor Fitzgerald & Co. and Robert W. Baird & Co. Inc. are acting as joint book-running managers for the offering.

New York-based Cellular Biomedicine is focused on the development of immunotherapies for cancer and stem cell therapies for degenerative diseases.