As a result, the Company expects to record a one-time pre-tax cash charge of approximately
"After a circumspect review by management and the Board of Directors, our decision to discontinue operating the legacy consulting business should remove any performance variability associated with this segment," said Dr.
"We also believe that the consulting business no longer fits into our long-term strategy and vision. As such, we will focus our resources on becoming a world-class, pure-play biotechnology company bringing therapies to improve the health of patients in China. By optimizing our resources, we believe the scalability of our biomedicine business will deliver long-term value to our partners, patients and shareholders," added Dr. Cao.
The consulting business' securities will remain on the Company's balance sheet.
Statements in this press release relating to plans, strategies, trends, specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "expects," "plans," "intends," "estimates," "potential," or "continue," or similar terms or the negative of these terms. Although CBMG believes the expectations reflected in the forward-looking statements are reasonable, they cannot guarantee that future results, levels of activity, performance or achievements will be obtained. CBMG does not have any obligation to update these forward-looking statements other than as required by law.
Sarah KellyDirector of Corporate Communications, CBMG +1 650 566-5064 firstname.lastname@example.org Vivian ChenManaging Director Investor Relations, Grayling +1 646 284-9427 email@example.com