CASI reports net loss of $1.6 million for third quarter 2015

Nov 13 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 nine months ended September 30, 2015.

CASI reported a net loss for the third quarter of 2015 of ($1.6 million), or ($0.05) per share. This compares with a net loss of ($21.5 million), or ($0.77) per share, for the same period last year. For the first nine months of 2015, the reported net loss was ($5.5 million), or ($0.17) per share as compared to ($24.6 million), or ($0.90) per share for the first nine months of 2014. The 2014 net loss was primarily attributable to non-cash expense of $19.7 million associated with the September 2014 in-license agreements with Spectrum Pharmaceuticals. Excluding this non-cash expense, net loss for the third quarter and first nine months of 2014 was ($1.9 million), or ($0.07) per share and ($4.9 million) or ($0.18) per share, respectively.

As of September 30, 2015, CASI had cash and cash equivalents of approximately $6.4 million. As previously announced, in September 2015, the Company received financial commitments for a $25.1 million financing, subject to certain regulatory and customary closing conditions.

Commenting on these results, Sara B. Capitelli, CASI's Vice President, Finance, said, "Our third quarter 2015 financial results were in line with expectations. Research and development expenses increased compared with the previous year primarily due to costs associated with our food effect study of ENMD-2076 in healthy human subjects in advance of the initiation of our FLC trial, along with increased costs associated with our research and development activities in China in 2015. The decrease in general and administrative expenses compared with the previous year primarily reflects lower non-cash stock-based compensation expense. As we continue to execute our regulatory, clinical and business development plan, we expect operating expenses to increase for the remainder of 2015."

Ken K. Ren, Ph.D., CASI's Chief Executive Officer, stated, "We are pleased with the recent financial commitments we received and with our overall financial position and outlook. We will continue to advance our product pipeline and look forward to delivering future milestones."

SOURCE CASI Pharmaceuticals, Inc.