On November 14, 2017 CASI Pharmaceuticals, Inc. (the "Company") (Nasdaq: 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, reported financial results for the three and nine months ended September 30, 2017 (Press release, CASI Pharmaceuticals, NOV 14, 2017, View Source [SID1234522041]).
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As of September 30, 2017, CASI had cash and cash equivalents of approximately $21.6 million.
CASI reported a net loss for the third quarter of 2017 of ($1.6 million), or ($0.03) per share. This compares with a net loss of ($1.7 million), or ($0.03) per share, for the same period last year. For the first nine months of 2017, the Company reported a net loss of ($5.7 million), or ($0.10) per share as compared to a net loss of ($6.8 million), or ($0.15) per share for the first nine months of 2016. The smaller net loss for the nine-month period in 2017 can be attributed to a decrease in non-cash compensation expense associated with the timing of stock option issuances and a decrease in clinical costs associated with the ENMD-2076 fibrolamellar trial, offset by an increase in R&D costs related to the advancement of EVOMELA, MARQIBO, and ZEVALIN with the China Food and Drug Administration (CFDA) and an increase in costs related to our internal preclinical program.
Ken K. Ren, Ph.D., CASI’s Chief Executive Officer, stated, "I am pleased with our third quarter financial results. In October, we announced a $23.8 million registered direct offering, funds raised from which will be used to advance our internal pipeline and support our business development in-license activities. With respect to existing in-licensed assets, we continue to advance EVOMELA, MARQIBO, and ZEVALIN for the China market. EVOMELA has been granted priority review by the CFDA, which we believe will accelerate its approval for the treatment of patients with multiple myeloma. We look forward to providing further updates on these in-licensed assets as well as on our internal pipeline candidates."