CASI Pharmaceuticals Reports Q2 2024 Business and Financial Results

BEIJING, Aug. 16, 2024 -- CASI Pharmaceuticals, Inc. (Nasdaq: CASI), a biopharmaceutical company headquartered in the Cayman Islands, has provided significant updates regarding its business operations and financial performance for the quarter ending June 30, 2024.

Dr. Wei-Wu He, Chairman and CEO of CASI Pharmaceuticals, announced that the second quarter marked considerable progress as the company strategically shifted its focus towards developing treatments for organ transplant rejection and autoimmune diseases. The cornerstone of this strategy is CID-103, an anti-CD38 antibody. CASI believes CID-103 holds potential for treating several unmet medical needs, including antibody-mediated rejection (AMR) and idiopathic thrombocytopenia purpura (ITP). The company plans to dedicate resources to advance the development of anti-CD38 programs rapidly.

Dr. He highlighted that clinical trials for both AMR and ITP are expected to begin soon. The U.S. FDA has approved CASI's Investigational New Drug (IND) application for CID-103 for treating adults with ITP, with a Phase 1 study anticipated to start by the end of the year. An IND submission for CID-103 in AMR is expected in the fourth quarter. Additionally, CASI recently secured $15 million in private placement financing from Venrock Healthcare Capital Partners, Foresite Capital, and Panacea Venture to support its strategic initiatives.

The company's Board of Directors has formed a special committee to review a proposal from Dr. He, dated June 21, 2024. This proposal involves acquiring CASI's entire business operations in China, including all related licenses and distribution rights in Asia (excluding Japan), for a total of $40 million. This offer also includes the assumption of up to $20 million of the company's debt.

Financial results for the second quarter of 2024 revealed that CASI's total revenue was $4.0 million, a decrease from $9.8 million in the same period in 2023. Corresponding costs of revenues also dropped to $1.9 million from $4.0 million, reflecting the decline in revenue. Research and development expenses were halved to $1.3 million compared to $2.6 million the previous year. General and administrative expenses reduced to $5.9 million from $7.7 million, while selling and marketing expenses slightly decreased to $4.4 million from $4.8 million. The net loss for the quarter was $7.0 million, down from $10.1 million in the same period last year.

As of June 30, 2024, CASI had $9.5 million in cash and cash equivalents. The company also raised $15 million from a private placement in July 2024.

CASI Pharmaceuticals, Inc. focuses on developing and commercializing innovative therapeutics and pharmaceutical products in China, the United States, and globally. The company aims to be a leader in the Greater China market by leveraging its regulatory and commercial expertise in China along with its global drug development capabilities. CASI's operations in China are conducted through its wholly owned subsidiary, CASI Pharmaceuticals (China) Co., Ltd., based in Beijing.

CASI is committed to addressing unmet medical needs through the development of treatments for hematology oncology, organ transplant rejection, and autoimmune diseases. The company is dedicated to advancing its strategic objectives and delivering significant benefits to patients worldwide.

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