Friday, November 13, 2015 7:33:48 AM
CASI Pharmaceuticals Reports Third Quarter 2015 Financial Results
ROCKVILLE, Md., Nov. 13, 2015 - CASI Pharmaceuticals, Inc. (CASI), 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, today reported financial results for the three and nine months ended September 30, 2015.
CASI reported a net loss for the third quarter of 2015 of ($1.6 million), or ($0.05) per share. This compares with a net loss of ($21.5 million), or ($0.77) per share, for the same period last year. For the first nine months of 2015, the reported net loss was ($5.5 million), or ($0.17) per share as compared to ($24.6 million), or ($0.90) per share for the first nine months of 2014. The 2014 net loss was primarily attributable to non-cash expense of $19.7 million associated with the September 2014 in-license agreements with Spectrum Pharmaceuticals. Excluding this non-cash expense, net loss for the third quarter and first nine months of 2014 was ($1.9 million), or ($0.07) per share and ($4.9 million) or ($0.18) per share, respectively.
As of September 30, 2015, CASI had cash and cash equivalents of approximately $6.4 million. As previously announced, in September 2015, the Company received financial commitments for a $25.1 million financing, subject to certain regulatory and customary closing conditions.
Commenting on these results, Sara B. Capitelli, CASI’s Vice President, Finance, said, “Our third quarter 2015 financial results were in line with expectations. Research and development expenses increased compared with the previous year primarily due to costs associated with our food effect study of ENMD-2076 in healthy human subjects in advance of the initiation of our FLC trial, along with increased costs associated with our research and development activities in China in 2015. The decrease in general and administrative expenses compared with the previous year primarily reflects lower non-cash stock-based compensation expense. As we continue to execute our regulatory, clinical and business development plan, we expect operating expenses to increase for the remainder of 2015.”
Ken K. Ren, Ph.D., CASI’s Chief Executive Officer, stated, “We are pleased with the recent financial commitments we received and with our overall financial position and outlook. We will continue to advance our product pipeline and look forward to delivering future milestones.”
Recent CASI News
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/12/2024 11:30:34 AM
- CASI PHARMACEUTICALS TO PARTICIPATE IN THE 2024 H.C. WAINWRIGHT GLOBAL INVESTMENT CONFERENCE • PR Newswire (US) • 09/04/2024 12:00:00 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 09/04/2024 04:15:05 AM
- Form F-3/A - Registration statement by foreign private issuers: [Amend] • Edgar (US Regulatory) • 08/29/2024 12:00:51 PM
- Form F-3 - Registration statement by foreign private issuers • Edgar (US Regulatory) • 08/16/2024 09:01:14 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/16/2024 12:30:21 PM
- CASI PHARMACEUTICALS ANNOUNCES SECOND QUARTER 2024 BUSINESS AND FINANCIAL RESULTS • PR Newswire (US) • 08/16/2024 12:00:00 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 08/14/2024 10:18:15 AM
- CASI PHARMACEUTICALS REPORTS DEVELOPMENT RELATING TO ITS DISPUTES WITH JUVENTAS • PR Newswire (US) • 07/19/2024 09:30:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/19/2024 10:07:25 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/08/2024 11:48:21 AM
- CASI Pharmaceuticals announces appointment of Daniel Lang, MD as CFO and SVP • PR Newswire (US) • 07/08/2024 11:30:00 AM
- CASI Pharmaceuticals Announces Plan To Submit IND Application For CID-103, an Anti-CD 38 Antibody in Antibody-Mediated Rejection, and Receipt of a Non-Binding Proposal to Acquire Entire China Business of the Company • PR Newswire (US) • 06/26/2024 08:15:00 PM
- CASI Pharmaceuticals Announces $15 Million Private Placement Financing by Venrock Healthcare Capital Partners, Foresite Capital, Panacea Venture and Dr. Wei-Wu He • PR Newswire (US) • 06/26/2024 08:10:00 PM
- CASI Pharmaceuticals Receives FDA Clearance On The Investigational New Drug (IND) Application For CID-103 In Immune Thrombocytopenia (ITP) • PR Newswire (US) • 05/15/2024 12:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/15/2024 10:50:28 AM
- CASI PHARMACEUTICALS ANNOUNCES FIRST QUARTER 2024 BUSINESS AND FINANCIAL RESULTS • PR Newswire (US) • 05/14/2024 12:00:00 PM
- CASI PHARMACEUTICALS REPORTS DEVELOPMENT RELATING TO ITS DISPUTES WITH JUVENTAS • PR Newswire (US) • 04/08/2024 09:00:00 PM
- CASI PHARMACEUTICALS ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2023 BUSINESS AND FINANCIAL RESULTS • PR Newswire (US) • 03/28/2024 11:00:00 AM
- CASI Pharmaceuticals Report Positive Interim Phase 1 Data For BI-1206 In The Treatment Of Relapsed/Refractory Indolent Non-Hodgkin's Lymphoma In China • PR Newswire (US) • 03/05/2024 12:00:00 PM
- CASI PHARMACEUTICALS ANNOUNCES FIRST DOSING OF FOLOTYN® IN CHINA • PR Newswire (US) • 02/16/2024 12:00:00 PM
- CASI PHARMACEUTICALS ANNOUNCES THIRD QUARTER 2023 BUSINESS AND FINANCIAL UPDATES • PR Newswire (US) • 11/14/2023 12:00:00 PM
- CASI PHARMACEUTICALS ANNOUNCES MARKET APPROVAL OF CNCT19 BY CHINA NMPA • PR Newswire (US) • 11/08/2023 12:00:00 PM
FEATURED Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • Sep 24, 2024 8:50 AM
FEATURED Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM