ROCKVILLE, Md., May 15, 2017 /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
months ended March 31, 2017.
CASI reported a net loss for the first quarter of 2017 of
($1.7 million), or ($0.03) per share, compared with a net loss of
($1.8 million), or ($0.04) per share, for the same period last
year. The smaller net loss stems from a decrease in non-cash
compensation expense associated with the timing of stock option
issuances, offset by an increase in costs related to the expansion
of our China operations.
As of March 31, 2017, CASI had
cash and cash equivalents of $25.5
million.
Dr. Ken Ren, Chief Executive
Officer, commented, "Our first quarter financial results were as
expected and reflect the operational efficiencies we continue to
achieve. We continue to make progress with our programs,
while also pursing business development opportunities to expand our
pipeline, and remain committed to becoming a fully-integrated
multi-national pharmaceutical company."
About CASI Pharmaceuticals, Inc.
CASI is a U.S. based, late-stage biopharmaceutical company
focused on the acquisition, development and commercialization of
innovative therapeutics addressing cancer and other unmet medical
needs for the global market with a focus on commercialization in
China. CASI's product pipeline
features (1) our lead proprietary drug candidate, ENMD-2076, in
multiple Phase 2 clinical trials, (2) MARQIBO®,
ZEVALIN® and EVOMELA®, all U.S. Food and Drug
Administration (FDA) approved drugs in-licensed from Spectrum
Pharmaceuticals, Inc. for China
regional rights, and currently in various stages in the regulatory
process for market approval in China, and (3) proprietary early-stage
candidates in preclinical development. CASI is headquartered
in Rockville, Maryland and has a
wholly owned subsidiary and R&D operations in Beijing, China. More information on CASI is
available at www.casipharmaceuticals.com and in CASI'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.
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: 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, the difficulty of executing our business strategy
in China; our inability to predict
when or if our product candidates will be approved for marketing by
the China Food and Drug Administration authorities; 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:
CASI Pharmaceuticals,
Inc.
240.864.2643
ir@casipharmaceuticals.com
|
INVESTOR
CONTACT:
Torrey Hills
Capital
Jim
Macdonald
858.456.7300
jm@sdthc.com
|
(Financial Table
Attached)
|
|
CASI
PHARMACEUTICALS, INC. SUMMARY OF OPERATING RESULTS
Three Months
Ended
March
31,
|
|
2017
|
2016
|
Total
revenues
|
$
-
|
$
-
|
|
|
|
Research and
development
|
$
1,049,286
|
$
1,018,757
|
|
|
|
General and
administrative
|
$
644,164
|
$
765,075
|
|
|
|
Net loss
|
$(1,700,182)
|
$
(1,794,366)
|
|
|
|
Net loss per share
attributable to
common shareholders
(basic and diluted)
|
$
(0.03)
|
$
(0.04)
|
|
|
|
Weighted average
number of
shares outstanding
(basic and diluted)
|
60,196,574
|
40,207,041
|
|
|
|
Cash and cash
equivalents
|
$
25,528,952
|
$
13,944,509
|
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SOURCE CASI Pharmaceuticals, Inc.