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 and six months ended June 30, 2016.
As of June 30, 2016, CASI had cash and cash equivalents of approximately $18.5 million.
CASI reported a net loss for the second quarter of 2016 of ($3.3 million), or ($.08) per share. This compares with a net loss of ($2.1 million), or ($.06) per share, for the same period last year. For the first six months of 2016 the Company reported a net loss of ($5.1 million), or ($0.12) per share, compared with a net loss of ($3.9 million), or ($0.12) per share, for the first six months of 2015.
Sara B. Capitelli, CASI's Vice President, Finance, commented on the second quarter results, "Our research and development expenses for the second quarter increased over the prior year due to costs associated with purchasing MARQIBO® samples required for our China import product drug application. Our general and administrative expenses for the second quarter increased over the prior year due to an increase in non-cash stock compensation expense of $1.1 million, primarily related to stock option issuances associated with the closings of our 2016 financings. As we look forward to executing our clinical development plans in the U.S.,Canada and China, we expect operating expenses to increase in 2016."
Ken K. Ren, Ph.D., CASI's Chief Executive Officer, stated, "We continue to make excellent progress and are pleased with our second quarter financial results. In the second half of 2016, we look forward to further advancement of ENMD-2076 and our other internal programs, regulatory and clinical progress with the import of our in-licensed late-stage assets from Spectrum Pharmaceuticals, and the expansion of our pipeline with additional drug programs."
About CASI Pharmaceuticals, Inc.
CASI is 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. CASI's product pipeline includes exclusive rights to MARQIBO® (vinCRIStine sulfate LIPOSOME injection), EVOMELA® (melphalan) for Injection and ZEVALIN® (ibritumomab tiuxetan) for greater China (including Taiwan, Hong Kong and Macau). CASI's development pipeline also includes its proprietary drug candidate ENMD-2076, a selective angiogenic kinase inhibitor currently in multiple Phase 2 oncology studies, and 2ME2 (2-methoxyestradial) an orally active compound that has antiproliferative, antiangiogenic and anti-inflammatory properties. CASI is headquartered in Rockville, Maryland and has a wholly owned subsidiary with R&D operations in Beijing, China. More information on CASI is available at www.casipharmaceuticals.com and in the Company's filings with the U.S. Securities and Exchange Commission.
