CASI Pharmaceuticals, Inc. (Nasdaq: CASI), 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 today reported financial results for the three months ended March 31, 2015.
The Company reported a net loss for the first quarter of 2015 of ($1.8 million), or ($0.06) per share, compared with a net loss of ($1.5 million), or ($0.05) per share, for the same period last year. The increase in the net loss for the 2015 period is primarily due to costs associated with the expansion of the Company's research and development operations in China, as well as additional costs related to corporate business development and investor relations initiatives in 2015.
As of March 31, 2015, CASI had cash and cash equivalents of $9.5 million.
Sara B. Capitelli, Vice President, Finance and Principal Accounting Officer, commented, "Our research and development expenses for the first quarter increased over the prior year due to the expansion of our China operations, including personnel and other clinical development costs of ENMD-2076 in China, as well as efforts associated with the import drug registration regulatory process in China for the drugs in-licensed from our partner Spectrum. Our general and administrative expenses for the first quarter increased over the prior year due to an increase in business development and investor relations activities as we pursue opportunities to further expand our pipeline. As we continue to execute our clinical development plans in the U.S. and China, we expect operating expenses to increase in 2015."
Dr. Ken Ren, Chief Executive Officer, commented, "We are pleased with the progress of our programs. While our Phase 2 trials of ENMD-2076 in triple-negative breast cancer, advanced/soft tissue sarcoma and advanced clear cell ovarian carcinoma are ongoing, we also are on track with our plans to initiate a Phase 2 trial of ENMD-2076 in fibrolamellar carcinoma this year, and with the enrollment of patients in our China triple-negative breast cancer trial that we recently initiated. As we continue to make clinical advancements in ENMD-2076 and regulatory advancements with our in-licensed products from our partner Spectrum, we will continue to implement our business development strategy to acquire additional drug candidates to expand our pipeline. We also will continue to make strategic investments in our infrastructure and operations in China to enable growth as we become a fully integrated pharmaceutical company."
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