Cellular Biomedicine Group (CBMG), a biomedicine firm that creates new treatments for cancerous and degenerative diseases, said on Tuesday that the company has finalized its acquisition of the CD40LGVAX lung-cancer vaccine and its related technologies and techniques, which will be implemented in a potential clinical trial.
The GVAX vaccine was purchased for $2.5 million in cash and $1.75 million in CBMG common shares from Blackbird Bio Finance University in South Florida, which owns the license.
"This strategic acquisition will enable CBMG to broaden its product portfolio based on the acquired related technologies and know-how to augment our immuno-oncology platform portfolio, particularly cancer immunotherapy vaccine and combination technology platform,” CBMG CEO Dr. William (Wei) Cao said.
“Fundamentally, it would transform CBMG into a global player with leading comprehensive cancer treatment programs," Cao said. "We are committed to deploying resources in the U.S. to support the clinical trials, serve U.S. patients and obtain eventual FDA regulatory approval. This represents a major milestone in our foray into the U.S. market. In addition, upon receiving the requisite regulatory approval, we will seek approval to conduct clinical trials in China with leading medical centers to serve China's patients with lung cancer. We look forward to continuing to explore other international partnerships and licensing opportunities."