CASI Pharmaceuticals Reports 2016 Fourth Quarter And Full Year Financial Results
ROCKVILLE, Md., March 31, 2017 - 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 12 months ended December 31, 2016.
The Company reported a net loss of ($2.7 million), or ($0.05) per share, for the three months ended December 31, 2016. This compares with a net loss of ($1.7 million), or ($0.05) per share for the fourth quarter of 2015. The increase in net loss is due to non-cash stock compensation expense of $0.7 million related to stock option issuances associated with financings completed in the fourth quarter of 2016, as well as increased costs associated with the expansion of our China operations.
The net loss for the year ended December 31, 2016 was ($9.5 million), or ($0.17) per share, compared with a net loss of ($7.2 million) or ($0.22) per share for 2015. The larger net loss for 2016 can be attributed to (i) an increase in non-cash stock compensation expense of $2.1 million related to stock option issuances associated with completed financings and (ii) increased costs associated with our Phase 2 Trial for ENMD-2076 in fibrolamellar carcinoma.
As of December 31, 2016, CASI had cash and cash equivalents of $27.1 million.
Further information regarding the Company, including its Annual Report on Form 10-K for the year ended December 31, 2016, can be found at www.casipharmaceuticals.com.
Ken K. Ren, Ph.D., Chief Executive Officer, commented, "Our financial results for the fourth quarter and year ended December 31, 2016 were as expected. Our import drug registration activities in China for MARQIBO®, EVOMELA®, and ZEVALIN® are ongoing as we continue the process towards approval. We continue the clinical evaluation of our lead proprietary drug candidate, ENMD-2076, and at the same time, further our business development activities to expand our pipeline. We are carefully managing our expenses, and are looking forward to achieving interim milestones and building value for our shareholders."
