On August 12, 2022 CASI Pharmaceuticals, Inc. (Nasdaq: CASI), a U.S. biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products, reported financial results for the second quarter of 2022 (Press release, CASI Pharmaceuticals, AUG 12, 2022, View Source [SID1234618251]).

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Wei-Wu He, Ph.D., CASI’s Chairman and Chief Executive Officer, commented, "We are pleased to report $8.6 million in EVOMELA sales revenue for the second quarter of 2022. This is an increase of 19% compared to the same period last year. Our sales and marketing team is proven to be resilient, rapidly adapting strategies to address COVID-19 related challenges to ensure that our priories remain on track."

Dr. He continued, "Equipped with experience from EVOMELA and the ability to adapt to a changing environment, I believe our commercial and medical marketing team can efficiently execute the anticipated launch of CNCT19 in China. In addition, we continue to progress on the development and regulatory framework for BI-1206 in China. The BI-1206 trial in China has been initiated, and we expect to dose the first patient in the second half of this year."

Second Quarter 2022 Financial Highlights
Further information regarding the Company, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, can be found at www.casipharmaceuticals.com.

Revenues consist primarily of product sales of EVOMELA. Revenue was $8.6 million for the three months ended June 30, 2022, compared to $7.2 million for the three months ended June 30, 2021.
Costs of revenues were $3.6 million for the three months ended June 30, 2022, compared to $3.0 million for the three months ended June 30, 2021, which included royalty payment of $1.7 million and $1.4 million, respectively.
Research and development expenses for the three months ended June 30, 2022, were $3.9 million, compared with $2.3 million for the three months ended June 30, 2021. The increase of research and development expenses for the three months periods was mainly due to expense incurred for CID-103.
General and administrative expenses for the three months ended June 30, 2022, were $5.5 million, compared with $5.5 million for the three months ended June 30, 2021.
Selling and marketing expenses for the three months ended June 30, 2022, were $3.4 million, compared with $3.4 million for the three months ended June 30, 2021.
Acquired in-process R&D expenses for the three months ended June 30, 2022, were $0, compared with $1.06 million for the three months ended June 30, 2021.
As of June 30, 2022, CASI had cash and cash equivalents of $18.9 million.
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