CASI Pharmaceuticals Announces Initial Closing Of Its Strategic Financing With Receipt Of $10.3 Million Proceeds
ROCKVILLE, Md., Jan. 19, 2016 - CASI Pharmaceuticals, Inc. (CASI), a biopharmaceutical company dedicated to innovative therapeutics addressing cancer and other unmet medical needs, announces it has received approximately $10.3 million in a strategic financing previously announced on September 21, 2015. The initial closing yielded approximately $10.1 million after minimum offering expenses. The Company closed on 8,448,613 shares of Common Stock, priced at $1.190 per share, and 1,689,722 warrants, with a purchase price of $0.125 per warrant. The warrants will become exercisable three months after issuance at $1.69 per share exercise price, and will expire three years from the date the warrants become exercisable. Net proceeds will be used primarily to accelerate its product and business development activities and for other general corporate purposes.
Ken Ren, Ph.D., CASI’s Chief Executive Officer, commented, “We are pleased with the continued confidence of our investors. This funding will allow us to enrich our product pipeline through both in-license and internal development at a faster pace and to expand our regulatory and clinical activities to reach our planned milestones, which include registration activities for our in-licensed drugs and furthering the development of ENMD-2076 and our other drug candidates. We are pleased with our progress and look forward to further advancements with the proceeds from this initial closing.”
