CASI Pharmaceuticals Shifts Focus, Garners Investment

CASI Pharmaceuticals (CASI) has released an update.

CASI Pharmaceuticals reports a transition in company strategy towards developing treatments for organ transplant rejection and autoimmune disease, with a key focus on CID-103, an anti-CD38 antibody. Financial highlights for Q2 2024 include a reduction in total revenue to $4.0 million from the previous year’s $9.8 million, alongside a net loss decrease to $7.0 million from $10.1 million, and a $15 million private placement financing to support the new strategy. Additionally, the CEO, Dr. Wei-Wu He, has proposed to acquire CASI’s business operations in China for $40.0 million.

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