CASI Pharmaceuticals Reports First Quarter 2016 Financial Results
ROCKVILLE, Md., May 13, 2016 - 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, 2016.
The Company reported a net loss for the first quarter of 2016 of ($1.8 million), or ($0.04) per share, compared with a net loss of ($1.8 million), or ($0.06) per share, for the same period last year. As of March 31, 2016, CASI had cash and cash equivalents of $13.9 million.
Sara B. Capitelli, Vice President, Finance and Principal Accounting Officer, commented, “Our research and development expenses for the first quarter increased over the prior year due to start-up costs and patient enrollment costs associated with our FLC trial in the U.S. Our general and administrative expenses for the first quarter decreased over the prior year due to cost savings associated with business development and investor relations activities. As we continue to execute our clinical development plans in the U.S., Canada and China, we expect operating expenses to increase in 2016.”
Dr. Ken Ren, Chief Executive Officer, commented, “We are pleased with our first quarter financial results, which are indicative of the operational efficiencies we have achieved. Our fundamentals remain strong and we believe the outlook for CASI is excellent. In 2016, we look forward to further advancement of ENMD-2076 and our other internal programs, and further progress in our in-licensed programs from Spectrum Pharmaceuticals. With the recent expansion of our business development team, we expect to accelerate our licensing activities and secure further partnerships to expand our pipeline as we move forward to becoming a fully-integrated world-class pharmaceutical company.”
