Cellular Biomedicine Group Inc. received a $30.6 million investment from private equity firm Sailing Capital Overseas Investment Ltd. and its affiliates.
As part of the investment, Sailing Capital will appoint a member to the board of Cupertino, Calif.-based Cellular Biomedicine, which develops cell therapies for the treatment of cancer and degenerative diseases.
Cellular Biomedicine noted that the investment will help the prospects of its proprietary technology platform getting approval from the China Food and Drug Administration.
The company's CEO Tony Liu said the investment will also help in funding multiple clinical programs for progressive malignant lymphoma, acute B lymphocytic leukemia and Hodgkin's lymphoma, as well as development in novel T cell receptor therapies.
Cantor Fitzgerald & Co. acted as a financial adviser to Cellular Biomedicine.
Sailing Capital Overseas Investment is focused on China cross-border investments in disruptive global companies in the healthcare, technology and consumer sectors.
