- EVOMELA Third Quarter 2020 Revenue Exceeds Expectations; Company Increasing EVOMELA Full-Year Revenue Guidance for 2020 -
- Expands Pipeline with First-In-Class Anti-FcyRIIB Monoclonal Antibody with Potential Application Across Multiple Tumor Types -
-Co-Commercial Clinical Asset, CNCT-19 (CD19 CAR-T), Phase 1 Enrollment Progressing Ahead of Schedule; Registration Trials Now Expected to Be Initiated by the end of 2020 -
- Company to Host Conference Call Today at 4:30 p.m. ET
ROCKVILLE, Md. and BEIJING, Nov. 9, 2020 - CASI Pharmaceuticals, Inc. (Nasdaq: CASI), a U.S. biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products, today reported financial results and business highlights for the third quarter of 2020.
Wei-Wu He, Ph.D., CASI’s Chairman and Chief Executive Officer, commented, “We are pleased to report that EVOMELA revenues for Q3 were $4.2 million. For the full year 2020 revenue, we expect to exceed $14 million, performing better than we had previously forecasted. We are thrilled with the progress we are seeing across our hematology oncology product portfolio. With our recently announced partnership with BioInvent, we gained exclusive Greater China development and commercialization rights to BI-1206, a first-in-class anti-FcyRIIB monoclonal antibody. BI-1206 has broad potential clinical applications across multiple tumor types in many first line indications and in refractory settings, which we look forward to exploring.”
Dr. He continued, “With respect to our commercial asset CNCT-19 (CD19 CAR-T), our partner Juventas is making good progress with their current Phase 1 trials in B-NHL and B-ALL, and is expecting to initiate registration trials by the end of 2020. We expect to initiate our Phase 1 study for CID-103 (anti-CD38 monoclonal antibody) in the EU during the first quarter of 2021. We will continue to execute on a number of key milestones across our broad portfolio in the quarters ahead. In parallel, our team will continue tactically evaluating additional strategic opportunities that complement our growing portfolio.”
Third Quarter 2020 Financial Results
Further information regarding the Company, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, can be found at www.casipharmaceuticals.com.
Conference Call
The Company will host a conference call reviewing the third quarter highlights today at 4:30 p.m. ET. The conference call can be accessed by dialing (833) 647-4459 (U.S.), (800) 870-0181 (China), (400) 682-8629 (China, domestic), (580) 86567 (Hong Kong) to listen to the live conference call. The conference ID number for the live call is 8835514.
This call will be recorded and available for replay by dialing (855) 589-2056 (U.S.) or (404)-537-3406 (international) and enter 8835514 to access the replay.
About CASI Pharmaceuticals
CASI Pharmaceuticals, Inc. (“CASI” or the “Company”) is a U.S. biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products in China, the United States, and throughout the world. The Company is focused on acquiring, developing and commercializing products that augment its hematology oncology therapeutic focus as well as other areas of unmet medical need. The Company intends to execute its plan to become a leader by launching medicines in the greater China market leveraging the Company’s China-based regulatory and commercial competencies and its global drug development expertise. The Company’s operations in China are conducted through its wholly-owned subsidiary, CASI Pharmaceuticals (China) Co., Ltd., which is located in Beijing, China. The Company has built a commercial team of over 70 hematology and oncology sales and marketing specialists based in China. More information on CASI is available at www.casipharmaceuticals.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for expectations for future financial or business performance, revenue growth, strategies, expectations and goals. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and we assume no duty to update forward-looking statements. New factors emerge from time to time, and it is not possible for us to predict which factors will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Actual results could differ materially from those currently anticipated due to a number of factors.
EVOMELA® is proprietary to Acrotech Biopharma LLC and its affiliates.
(Financial Table Follows)
Download the press release and financial table as a PDF
Unaudited Condensed Consolidated Balance Sheets | |||||||||||||||||
(In thousands, except share and per share data) | |||||||||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||||||||
ASSETS | |||||||||||||||||
Current |
|||||||||||||||||
Cash and cash equivalents | $ | 74,592 | $ | 53,621 | |||||||||||||
Investment in equity securities, |
1,796 | 625 | |||||||||||||||
Accounts receivable, net of $0 |
4,078 | 1,293 | |||||||||||||||
Inventories | 720 | 4,542 | |||||||||||||||
Prepaid expenses and other | 1,794 | 1,420 | |||||||||||||||
Assets held-for-sale | 298 | 3,221 | |||||||||||||||
Total |
83,278 | 64,722 | |||||||||||||||
Property |
984 | 985 | |||||||||||||||
Intangible |
13,015 | 13,674 | |||||||||||||||
Long-term |
27,569 | 14,038 | |||||||||||||||
Right |
9,015 | 8,708 | |||||||||||||||
Other |
377 | 504 | |||||||||||||||
Total |
$ | 134,238 | $ | 102,631 | |||||||||||||
LIABILITIES, |
|||||||||||||||||
Current |
|||||||||||||||||
Accounts payable | $ | 2,697 | $ | 5,113 | |||||||||||||
Accrued and other current |
2,858 | 2,834 | |||||||||||||||
Total |
5,555 | 7,947 | |||||||||||||||
Deferred |
2,270 | — | |||||||||||||||
Other |
13,615 | 1,019 | |||||||||||||||
Total |
21,440 | 8,966 | |||||||||||||||
Commitments |
|||||||||||||||||
Redeemable |
21,271 | 20,670 | |||||||||||||||
Stockholders’ |
|||||||||||||||||
Preferred stock, $1.00 par |
— | — | |||||||||||||||
Common stock, $0.01 par value: |
1,240 | 979 | |||||||||||||||
Additional paid-in capital | 656,639 | 606,686 | |||||||||||||||
Treasury stock, at |
(8,034) | (8,034) | |||||||||||||||
Accumulated other comprehensive |
(1,507) | (2,728) | |||||||||||||||
Accumulated deficit | (556,811) | (523,908) | |||||||||||||||
Total |
91,527 | 72,995 | |||||||||||||||
Total |
$ | 134,238 | $ | 102,631 | |||||||||||||
CASI Pharmaceuticals, Inc. |
||||||||||||
Unaudited |
||||||||||||
(In thousands, |
||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
Revenues: | ||||||||||||
Product sales | $ | 4,205 | $ | 2,749 | $ | 10,215 | $ | 2,749 | ||||
Lease income | 37 | 38 | 104 | 38 | ||||||||
Total |
4,242 | 2,787 | 10,319 | 2,787 | ||||||||
Costs |
||||||||||||
Costs of revenues | 1,828 | 2,648 | 7,556 | 2,648 | ||||||||
Research and development | 2,803 | 1,829 | 7,682 | 7,375 | ||||||||
General and administrative | 5,347 | 7,977 | 13,490 | 20,669 | ||||||||
Selling and marketing | 2,062 | 975 | 4,879 | 975 | ||||||||
(Gain) loss on disposal of intangible |
— | — | (450) | 48 | ||||||||
Impairment of intangible assets | — | — | 1,537 | — | ||||||||
Acquired in-process research and |
10,862 | — | 11,943 | 5,849 | ||||||||
Total |
22,902 | 13,429 | 46,637 | 37,564 | ||||||||
Loss |
(18,660) | (10,642) | (36,318) | (34,777) | ||||||||
Non-operating |
||||||||||||
Interest |
432 | 414 | 775 | 783 | ||||||||
Other |
20 | — | 47 | — | ||||||||
Foreign |
(526) | 719 | (278) | 1,269 | ||||||||
Change |
1,978 | (160) | 2,287 | (355) | ||||||||
Net loss | (16,756) | (9,669) | (33,487) | (33,080) | ||||||||
Less: |
(309) | (23) | (584) | 53 | ||||||||
Accretion |
506 | 245 | 1,185 | 406 | ||||||||
Net loss |
$ | (16,953) | $ | (9,891) | $ | (34,088) | $ | (33,539) | ||||
Net loss |
$ | (0.14) | $ | (0.10) | $ | (0.32) | $ | (0.35) | ||||
Weighted |
117,940 | 95,891 | 105,922 | 95,753 | ||||||||
Comprehensive |
||||||||||||
Net loss | $ | (16,756) | $ | (9,669) | $ | (33,487) | $ | (33,080) | ||||
Foreign |
2,383 | (1,836) | 1,221 | (2,636) | ||||||||
Total |
$ | (14,373) | $ | (11,505) | $ | (32,266) | $ | (35,716) | ||||
Less: |
(309) | (23) | (584) | 53 | ||||||||
Comprehensive |
$ | (14,064) | $ | (11,482) | $ | (31,682) | $ | (35,769) | ||||