CASI Pharmaceuticals Reports Second Quarter 2017 Financial Results

ROCKVILLE, Md. (August 14, 2017) – CASI Pharmaceuticals, Inc.
(Nasdaq: CASI), a biopharmaceutical company dedicated to innovative
therapeutics addressing cancer and other unmet medical needs, today
reported financial results for the three and six months ended June 30,
2017.

As of June 30, 2017, CASI had cash and
cash equivalents of approximately $23.4 million.

CASI reported a net loss for the second
quarter of 2017 of ($2.4 million), or ($0.04) per share. This compares to a net
loss of ($3.3 million), or ($0.08) per share, for the same period last year.
For the six months ended June 30, 2017, the Company reported a net loss
of ($4.1 million), or ($0.07) per share, compared to a net loss of ($5.1
million), or ($0.12) per share, for the same period in 2016. The smaller
net loss for the three and six month periods in 2017 can be attributed to a
decrease in non-cash compensation expense associated with the timing of stock
option issuances, offset by an increase in costs related to the China Food and Drug
Administration (CFDA) regulatory process of our in-licensed U.S. Food and Drug Administration
(FDA) approved assets from Spectrum Pharmaceuticals.

Ken K. Ren, Ph.D., CASI’s Chief Executive
Officer, stated, “We continue to effectively manage our expenses and are pleased to end the quarter
with a strong cash position. For the balance of 2017, we will continue to
advance MARQIBO^®, ZEVALIN^® and EVOMELA^® closer towards marketing approval
in China, evaluate our maturing clinical data and determine the next steps for
ENMD-2076, while at the same time continue our business development activities
to further expand our pipeline.”

About CASI Pharmaceuticals, Inc.

CASI is a U.S. based, late-stage biopharmaceutical company focused on the acquisition,
development and commercialization of innovative therapeutics addressing cancer
and other unmet medical needs for the global market with a focus on
commercialization in China. CASI’s product pipeline features (1) our lead
proprietary drug candidate, ENMD-2076, in multiple Phase 2 clinical trials, (2)
MARQIBO^®, ZEVALIN^® and EVOMELA^®, all FDA approved
drugs in-licensed from Spectrum Pharmaceuticals, Inc. for China regional
rights, and currently in various stages in the regulatory process for market
approval in China, and (3) proprietary early-stage candidates in preclinical
development. CASI is headquartered in Rockville, Maryland and has a wholly
owned subsidiary and R&D operations in Beijing, China. More information on
CASI is available at www.casipharmaceuticals.com and in CASI’s filings with the
U.S. Securities and Exchange Commission.

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,
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 no duty to update forward-looking
statements is assumed. Actual results
could differ materially from those currently anticipated due to a number of
factors, including: that we may be unable to continue as a going concern as a
result of our inability to raise sufficient capital for our operational needs; the
volatility in the market price of our common stock; risks relating to interests
of our largest stockholders that differ from our other stockholders; the risk
of substantial dilution of existing stockholders in future stock issuances, the
difficulty of executing our business strategy in China; our inability to
predict when or if our product candidates will be approved for marketing by the
China Food and Drug Administration authorities; our inability to enter into
strategic partnerships for the development, commercialization, manufacturing
and distribution of our proposed product candidates or future candidates; risks
relating to the need for additional capital and the uncertainty of securing
additional funding on favorable terms; risks associated with our product
candidates; risks associated with any early-stage products under development;
the risk that results in preclinical and early clinical models are not
necessarily indicative of later clinical results; uncertainties relating to
preclinical and clinical trials, including delays to the commencement of such
trials; the lack of success in the clinical development of any of our products;
dependence on third parties; and risks relating to the commercialization, if
any, of our proposed products (such as marketing, safety, regulatory, patent,
product liability, supply, competition and other risks). Such factors, among others, could have a
material adverse effect upon our business, results of operations and financial
condition. We caution readers not to
place undue reliance on any forward-looking statements, which only speak as of
the date made. Additional information about the factors and risks that could
affect our business, financial condition and results of operations, are
contained in our filings with the U.S. Securities and Exchange Commission,
which are available at www.sec.gov.

MARQIBO^®,
EVOMELA^® and ZEVALIN^® are proprietary to
Spectrum Pharmaceuticals, Inc. and its affiliates.

COMPANY CONTACT:

(Financial Table Attached)

-more-

CASI PHARMACEUTICALS,
INC.

Six Months Ended

June 30,