CASI Pharmaceuticals Inc (NASDAQ:CASI) reported a private placement worth $50 million. It has finalized a definitive securities purchase deals following which the firm will issue around 15.432 million shares of its common stock with accompanying warrants to buy 6.172 million shares of its common stock. The deal price for each share of warrant and common stock is $3.24. These warrants can be exercised 180 days after release at an exercise price of $3.69 a share, and will expire 5 years post the issuance date.
Wei-Wu He, Ph.D., the Executive Chairman of CASI, expressed that they are obliged that seasoned investors like IDG and Mr. Duggan share their vision for company and their excitement as they prepare for the release of their first commercial offering in China.
Their in-licensed products, MARQIBO®, ZEVALIN® and EVOMELA® are presently in different regulatory phases for market nod in China, with EVOMELA® under priority assessment. They also are working on their broad portfolio of 29 ANDAs including 4 pending approval and 25 FDA-approved that they recently bought from Sandoz, and will remain to further expand their pipeline as part of their mission to offer high-quality and innovative drugs to the market.
Earlier in the month of January, CASI Pharmaceuticals reported that the company has bought a portfolio of 25 U.S. FDA-permitted abbreviated new drug applications, one ANDA that FDA tentatively passed, and three ANDAs that are awaiting FDA approval. The company plans to select and market certain offerings from the portfolio that boast cost-effective manufacturing and unique market opportunity in China and/or in the United States.
Sandoz ANDAs acquisition enhances company’s strategic focus to advance a robust pipeline and market quality drug candidates in China. With FDA-approved ANDA designation and the top-quality standards of Sandoz, they expect using the Chinese FDA’s more recent guidelines to take western pharmaceutical and clinical data for fast entry into China’s industry.