ROCKVILLE, Md., Aug. 15, 2016 /PRNewswire/ -- CASI
Pharmaceuticals, Inc. (Nasdaq: CASI), a biopharmaceutical company
dedicated to innovative therapeutics addressing cancer and other
unmet medical needs, today reported financial results for the three
and six months ended June 30,
2016.
As of June 30, 2016, CASI had cash
and cash equivalents of approximately $18.5
million.
CASI reported a net loss for the second quarter of 2016 of
($3.3 million), or ($.08) per share. This compares with a net loss
of ($2.1 million), or ($.06) per share, for the same period last
year. For the first six months of 2016 the Company
reported a net loss of ($5.1
million), or ($0.12) per
share, compared with a net loss of ($3.9
million), or ($0.12) per
share, for the first six months of 2015.
Sara B. Capitelli, CASI's Vice
President, Finance, commented on the second quarter results, "Our
research and development expenses for the second quarter increased
over the prior year due to costs associated with purchasing
MARQIBO® samples required for our
China import product drug
application. Our general and administrative expenses for the
second quarter increased over the prior year due to an increase in
non-cash stock compensation expense of $1.1
million, primarily related to stock option issuances
associated with the closings of our 2016 financings. As we look
forward to executing our clinical development plans in the U.S.,
Canada and China, we expect operating expenses to
increase in 2016."
Ken K. Ren, Ph.D., CASI's Chief
Executive Officer, stated, "We continue to make excellent progress
and are pleased with our second quarter financial results. In
the second half of 2016, we look forward to further advancement of
ENMD-2076 and our other internal programs, regulatory and clinical
progress with the import of our in-licensed late-stage assets from
Spectrum Pharmaceuticals, and the expansion of our pipeline with
additional drug programs."
About CASI Pharmaceuticals, Inc.
CASI is a biopharmaceutical company dedicated to the
acquisition, development and commercialization of innovative
therapeutics addressing cancer and other unmet medical needs for
the global market with a commercial focus on China. CASI's product pipeline includes
exclusive rights to MARQIBO® (vinCRIStine sulfate
LIPOSOME injection), EVOMELA® (melphalan) for Injection
and ZEVALIN® (ibritumomab tiuxetan) for greater
China (including Taiwan, Hong
Kong and Macau). CASI's
development pipeline also includes its proprietary drug candidate
ENMD-2076, a selective angiogenic kinase inhibitor currently in
multiple Phase 2 oncology studies, and 2ME2 (2-methoxyestradial) an
orally active compound that has antiproliferative, antiangiogenic
and anti-inflammatory properties. CASI is headquartered in
Rockville, Maryland and has a
wholly owned subsidiary with R&D operations in Beijing, China. More information on CASI is
available at www.casipharmaceuticals.com and in the Company's
filings with the U.S. Securities and Exchange Commission.
Forward Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act with
respect to the outlook for expectations for future financial or
business performance, strategies, expectations and goals,
including, without limitation, with respect to the closing of the
private placement offering and the anticipated use of the net
proceeds. Forward looking statements are subject to numerous
assumptions, risks and uncertainties, which change over time.
Forward-looking statements speak only as of the date they are made,
and no duty to update forward-looking statements is assumed.
Actual results could differ materially from those currently
anticipated due to a number of factors, including: the risk that
the remaining closing or closings of the private placement offering
does not occur, that we may be unable to continue as a going
concern as a result of our inability to raise sufficient capital
for our operational needs; the volatility in the market price of
our common stock; risks relating to interests of our largest
stockholders that differ from our other stockholders; the risk of
substantial dilution of existing stockholders in future stock
issuances, including as a result of the closing of the private
placement offering; the difficulty of executing our business
strategy in China; our inability
to enter into strategic partnerships for the development,
commercialization, manufacturing and distribution of our proposed
product candidates or future candidates; risks relating to the need
for additional capital and the uncertainty of securing additional
funding on favorable terms; risks associated with our product
candidates; risks associated with any early-stage products under
development; the risk that results in preclinical models are not
necessarily indicative of clinical results; uncertainties relating
to preclinical and clinical trials, including delays to the
commencement of such trials; the lack of success in the clinical
development of any of our products; dependence on third parties;
and risks relating to the commercialization, if any, of our
proposed products (such as marketing, safety, regulatory, patent,
product liability, supply, competition and other risks). Such
factors, among others, could have a material adverse effect upon
our business, results of operations and financial condition.
We caution readers not to place undue reliance on any
forward-looking statements, which only speak as of the date made.
Additional information about the factors and risks that could
affect our business, financial condition and results of operations,
are contained in our filings with the U.S. Securities and Exchange
Commission, which are available at www.sec.gov.
MARQIBO®,
EVOMELA® and
ZEVALIN®are proprietary to Spectrum
Pharmaceuticals, Inc. and its affiliates.
COMPANY
CONTACT:
|
INVESTOR
CONTACT:
Torrey Hills
Capital
Jim
Macdonald
858.456.7300
jmacdonald@torreyhillscapital.com
|
CASI Pharmaceuticals,
Inc.
|
240.864.2643
|
ir@casipharmaceuticals.com
|
CASI
PHARMACEUTICALS, INC.
SUMMARY OF
OPERATING RESULTS
|
|
Three Months
Ended
|
June
30,
|
|
|
2016
|
2015
|
|
Total
revenues
|
$
|
-
|
$
|
23,994
|
|
Research and
development
|
$
|
1,362,676
|
$
|
1,223,274
|
General and
administrative
|
$
|
1,914,802
|
$
|
857,623
|
Net loss
|
$
|
(3,291,870)
|
$
|
(2,095,467)
|
Net loss per share
attributable to
common shareholders
(basic and diluted)
|
$
|
(0.08)
|
$
|
(0.06)
|
Weighted average
number of
|
|
shares outstanding
(basic and diluted)
|
42,906,781
|
32,445,811
|
|
Cash and cash
equivalents
|
$
|
18,534,467
|
$
|
7,953,821
|
|
Six Months
Ended
|
June
30,
|
|
|
2016
|
2015
|
|
|
|
Total
revenues
|
$
|
-
|
$
|
47,712
|
|
Research and
development
|
$
|
2,381,433
|
$
|
2,088,311
|
General and
administrative
|
$
|
2,679,877
|
$
|
1,785,114
|
Net loss
|
$
|
(5,086,236)
|
$
|
(3,898,820)
|
Net loss per share
attributable to
common shareholders
(basic and diluted)
|
$
|
(0.12)
|
$
|
(0.12)
|
Weighted average
number of
shares outstanding
(basic and diluted)
|
41,556,911
|
32,445,811
|
|
Cash and cash
equivalents
|
$
|
18,534,467
|
$
|
7,953,821
|
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SOURCE CASI Pharmaceuticals, Inc.