CASI Pharmaceuticals Announces $23.8 Million Registered Direct Offering Led By Existing Shareholders
CASI Pharmaceuticals, Inc. (the "Company") (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, announced that it has entered into definitive agreements with certain institutional and accredited investors, including existing shareholders, to purchase approximately $23.8 million of securities in a registered direct offering. CASI expects to receive net proceeds of approximately $23.3 million after deducting agent's fees and other offering expenses.
CASI has agreed to sell an aggregate of approximately 7,951,868 shares of its common stock and warrants to purchase shares of its common stock. Each unit, consisting of one share of common stock and a warrant to purchase 0.2 share of common stock will be sold for a purchase price of $3.00. The warrants will become exercisable six months after the issuance date and have a term of 2.5 years and an exercise price equal to $3.75. The offering is expected to close on or about October 17, 2017, subject to satisfaction of customary closing conditions.
Dr. Wei-Wu He, the Company's Chairman, stated, 'We are pleased with the return of our investors and the positive momentum of our Company. We intend to use the net proceeds to support our business development activities and drive the Company's continued growth. We also are pleased with the China FDA's recent public guidance that in its efforts to accelerate approvals for imported drugs, it plans to accept data from clinical trials outside of China. We believe this could potentially accelerate our pipeline of U.S. approved drugs that are currently under China FDA review, namely EVOMELA®, which has been granted priority review; and MARQIBO® and ZEVALIN®. We look forward to accelerating these medicines to the second largest pharmaceutical market, and will continue to add on to our pipeline."
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