CASI Pharmaceuticals Inc. (CASI) stock continues towards improvement. On March 30, 2021, it gained 12.07%. CASI share prices have decreased by -12.72% over the past week, but are down -31.85% over prices posted in the last quarter. Going further back, the stock’s price has tanked 30.92% over the last 6 months but is down -32.54% in year-to-date trading.
Let’s have a look at the latest news about CASI stock.
Financial results announcement
On March 30,2021, CASI Pharmaceuticals reported financial results for the year ended December 31, 2020.
The Full Year 2020 financial highlights
- CASI earned revenues of $15.0 million for the year ended 2020 compared to $4.1 million for the year ended December 31, 2019.
- For the reported year, costs of revenues were $9.5 million, compared to $3.9 million for the prior year.
- CASI spent $11.5 million in research and development expenses compared with $9.3 million for the year ended December 31, 2019.
- General and administrative expenses were $19.7 millionfor the year ended December31, 2020, compared with $27.3 million for the year ended December 31, 2019.
- Selling and marketing expenses were $7.8 million for the reported year, compared with $3.1 million for the year ended December 31, 2019.
- Acquired in-process R&D expenses were $17.8 million for the year 2020, compared with $7.0 million for the prior year.
- CASI suffered a net loss of$47.5 million for the reported year compared to $45.4 million for the year ended December 31, 2019.
Public Offering of Common Stock
OnMarch 24, 2021, CASI Pharmaceuticals revealed the $2.05 per share price for underwritten 15,853,658 public shares. Additionally, 2,378,048 shares of common stock are available for underwriters to purchase. The offering is expected to close on or about March 26, 2021
The gross proceeds of $32.5 million are expected and to be used for working capital and general corporate purposes.
CASI Pharmaceuticals received Inhibitor CB-5339 Licenses for Greater China Region
On March 8, 2021, CASI announced the exclusive licensing agreement for the development and commercialization of CB-5339, a novel VCP/p97 inhibitor, in mainland China, Taiwan, Hong Kong and Macau.
CASI is a U.S. NASDAQ-listed biopharmaceutical company with a platform to develop and accelerate the launch of pharmaceutical products and innovative therapeutics in China, the U.S., and throughout the world. CASI has offices in Rockville, Maryland, and a wholly-owned subsidiary in Beijing, China, through which substantially all of our operations are conducted.
The CASI main product is EVOMELA which is used in the multiple myeloma treatment setting in the United States. EVOMELA has greater stability when reconstituted, allowing longer preparation and infusion times, and is currently the only form of melphalan commercially available in China.