CASI Pharmaceuticals, Inc. (Nasdaq: CASI), a biopharmaceutical company dedicated to innovative therapeutics addressing cancer and other unmet medical needs today reported financial results for the three months ended March 31, 2017.
CASI reported a net loss for the first quarter of 2017 of ($1.7 million), or ($0.03) per share, compared with a net loss of ($1.8 million), or ($0.04) per share, for the same period last year. The smaller net loss stems from a decrease in non-cash compensation expense associated with the timing of stock option issuances, offset by an increase in costs related to the expansion of our China operations.
As of March 31, 2017, CASI had cash and cash equivalents of $25.5 million.
Dr. Ken Ren, Chief Executive Officer, commented, "Our first quarter financial results were as expected and reflect the operational efficiencies we continue to achieve. We continue to make progress with our programs, while also pursing business development opportunities to expand our pipeline, and remain committed to becoming a fully-integrated multi-national pharmaceutical company."
About CASI Pharmaceuticals, Inc.
CASI is a U.S. based, late-stage biopharmaceutical company focused on the acquisition, development and commercialization of innovative therapeutics addressing cancer and other unmet medical needs for the global market with a focus on commercialization in China. CASI's product pipeline features (1) our lead proprietary drug candidate, ENMD-2076, in multiple Phase 2 clinical trials, (2) MARQIBO®, ZEVALIN® and EVOMELA®, all U.S. Food and Drug Administration (FDA) approved drugs in-licensed from Spectrum Pharmaceuticals, Inc. for China regional rights, and currently in various stages in the regulatory process for market approval in China, and (3) proprietary early-stage candidates in preclinical development. CASI is headquartered in Rockville, Maryland and has a wholly owned subsidiary and R&D operations in Beijing, China. More information on CASI is available at www.casipharmaceuticals.com and in CASI's filings with the U.S. Securities and Exchange Commission.
