On August 14, 2017 CASI Pharmaceuticals, Inc. (Nasdaq: CASI), a biopharmaceutical company dedicated to innovative therapeutics addressing cancer and other unmet medical needs, reported financial results for the three and six months ended June 30, 2017 (Filing, Q2, CASI Pharmaceuticals, 2017, AUG 14, 2017, View Source [SID1234520226]).
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As of June 30, 2017, CASI had cash and cash equivalents of approximately $23.4 million.
CASI reported a net loss for the second quarter of 2017 of ($2.4 million), or ($0.04) per share. This compares to a net loss of ($3.3 million), or ($0.08) per share, for the same period last year. For the six months ended June 30, 2017, the Company reported a net loss of ($4.1 million), or ($0.07) per share, compared to a net loss of ($5.1 million), or ($0.12) per share, for the same period in 2016. The smaller net loss for the three and six month periods in 2017 can be attributed to a decrease in non-cash compensation expense associated with the timing of stock option issuances, offset by an increase in costs related to the China Food and Drug Administration (CFDA) regulatory process of our in-licensed U.S. Food and Drug Administration (FDA) approved assets from Spectrum Pharmaceuticals.
Ken K. Ren, Ph.D., CASI’s Chief Executive Officer, stated, "We continue to effectively manage our expenses and are pleased to end the quarter with a strong cash position. For the balance of 2017, we will continue to advance MARQIBO, ZEVALIN and EVOMELA closer towards marketing approval in China, evaluate our maturing clinical data and determine the next steps for ENMD-2076, while at the same time continue our business development activities to further expand our pipeline."