US-based CASI Pharmaceuticals Inc. (NASDAQ: CASI) announced the completion of a financing round for China’s Precision Immune Therapeutics (PAT), securing RMB 140 million ($21 million) for the firm. CASI invested RMB 20 million ($3 million) to take a 15% stake, alongside two other venture capital firms.
Financing Details
The funding round will support PAT’s development efforts. CASI’s investment underscores its commitment to advancing CID-103, an anti-CD38 monoclonal antibody targeting autoimmune indications.
Sub-License Agreement
Under a May 2022 agreement, PAT will pay CASI $5 million for global rights to CID-103 in autoimmune indications. CASI retains exclusive commercialization rights in the US and co-marketing options in China, with the right to co-commercialize in hematology and oncology derived from autoimmune indications.-Fineline Info & Tech
