CASI reports financial results for second quarter 2015

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 and six months ended June 30, 2015.

CASI reported a net loss for the second quarter of 2015 of ($2.1 million), or ($0.06) per share. This compares with a net loss of ($1.6 million), or ($0.06) per share, for the same period last year. For the first six months of 2015 the net loss was ($3.9 million), or ($0.12) per share, compared with a net loss of ($3.1 million), or ($0.11) per share, for the first six months of 2014.

As of June 30, 2015, CASI had cash and cash equivalents of approximately $8.0 million.

Sara B. Capitelli, CASI's Vice President, Finance, commented on the second quarter results, "Our second quarter 2015 financial results were in line with expectations. Research and development expenses increased compared with the previous year primarily due to higher clinical trial costs associated with our food effect study of ENMD-2076 in healthy human subjects, an increase in patient enrollment on other clinical trials, as well as increased costs associated with our research and development operations in China during 2015. General and administrative expenses for the second quarter of 2015 decreased compared with the previous year, reflecting lower non-cash stock-based compensation expense, partially offset by an increase in foreign patent related costs. As we continue to execute our clinical development plan, we expect operating expenses to accordingly increase in 2015."

Ken K. Ren, Ph.D., CASI's Chief Executive Officer, stated, "We continue to make progress with our pipeline, including moving forward with our plans to initiate a Phase 2 clinical trial in the U.S. for ENMD-2076 in patients with Fibrolamellar Carcinoma (FLC), and to complete our import drug regulatory submissions for ZEVALIN^® and MARQIBO^® in China and Taiwan, as well as to finalize our distribution and supply arrangements in those territories. As reported earlier, ZEVALIN^® is now available to patients in Hong Kong. We remain deeply committed to aggressively pursuing our clinical development milestones, commercialization of products and business development opportunities."