CASI Pharmaceuticals (NASDAQ: CASI), a biopharmaceutical company based in China, has announced the signing of agreements with several investors for a public equity financing (PIPE) transaction, securing a raise of USD 15 million. Concurrently, the company also disclosed plans to submit an Investigational New Drug (IND) filing to the U.S. Food and Drug Administration (FDA) for its anti-CD38 monoclonal antibody CID-103 later this year.
The PIPE transaction is being led by Venrock Healthcare Capital Partners and Foresite Capital, with participation from Panacea Venture and CASI’s CEO and Chairman Dr. Wei-Wu He. CASI will sell 1.02 million ordinary shares at a price of USD 5 per share. Additionally, two investors will receive pre-funded warrants to purchase up to 1.98 million ordinary shares at a pre-funded exercise price of approximately USD 5 per share. The transaction is anticipated to close in mid-July 2024.
The capital raised will support the development of CASI’s anti-CD38 monoclonal antibody CID-103. The company intends to submit an IND application to the FDA by the end of 2024, with the aim of initiating a Phase II trial to evaluate CID-103 as a treatment for antibody-mediated rejection (AMR) in kidney transplant recipients.
Furthermore, CASI disclosed that Chairman and CEO Dr. He has proposed to acquire CASI’s entire business operations in China, including all licensing, distribution rights, and related assets in Asia (excluding Japan) for the company’s pipeline products such as Evomela, Folotyn, CNCT19, BI-1206, CB-5339, CID-103, and Thiotepa. The proposed transaction would involve a total purchase price of USD 40 million, including the assumption of up to USD 20 million of debt. CASI’s board has established a special committee to evaluate the offer.- Flcube.com
