China-based CASI Pharmaceuticals Inc., (NASDAQ: CASI) has unveiled its financial results for the third quarter of 2023. The company reported a 13.5% decrease in sales, amounting to USD 8.8 million. Despite this downturn, several positive developments indicate a promising outlook for the company in the near future.
Revenue Generator and Market Competition
CASI Pharmaceuticals’ current revenue generator is Evomela (melphalan), a chemotherapy drug that serves as a condition treatment prior to hematopoietic progenitor (stem) cell transplantation in multiple myeloma patients. The company has noted that Evomela now faces generic competition, with Xi’an Libang Pharmaceutical receiving approval for its version in 2022.
Positive Developments and Partnerships
Among the recent positive developments, CASI has partnered with Chinese firm Juventas Therapeutics as a marketing partner for their anti-CD-19 chimeric antigen receptor (CAR) T cell therapy, inaticabtagene autoleucel. This therapy received approval in China earlier this month, marking it as the first CAR-T treatment for recurrent B-cell acute lymphoblastic leukemia (r/r B-ALL). CASI is actively preparing for the product’s market launch.
New Commercial Rights and Upcoming Launch
In addition to the CAR-T therapy partnership, CASI signed an agreement with UK-based Mundipharma in August this year for commercial rights to Folotyn (pralatrexate) in China. Folotyn is a dihydrofolate reductase inhibitor used for the treatment of patients with relapsed or refractory peripheral T-cell lymphoma (PTCL). Approved in 2020, CASI is gearing up for the commercial launch of Folotyn in Q1 2024.- Flcube.com
