ROCKVILLE, Md. and BEIJING, Sept. 23,
2022 /PRNewswire/ -- CASI Pharmaceuticals, Inc.
(NASDAQ: CASI), a U.S. biopharmaceutical company focused on
developing and commercializing innovative therapeutics and
pharmaceutical products ("CASI"), today announced that CASI
Biopharmaceuticals (Wuxi) Co., Ltd, a subsidiary of CASI
Pharmaceuticals, Inc. ("CASI Wuxi"), entered into an Equity
Transfer Agreement with Shenzhen Jiadao Gongcheng Equity Investment
Fund, LLP ("Jiadao Gongcheng"), pursuant to which CASI Wuxi agreed
to transfer its equity interest in Juventas Biotechnology
(Tianjin) Co., Ltd.("Juventas")
amounting to 12.0098% total Juventas equity to Jiadao Gongcheng for
RMB 240.87 million (equivalent to
USD 34.03 million). The Equity
Transfer Agreement states there will be two even payment
installments from Jiadao Gongcheng; one payment to be made after
the Equity Transfer Agreement is signed and the second payment to
be made after the completion of the equity transaction.
Wei-Wu He, Ph.D., CASI's Chairman
and Chief Executive Officer, commented, "We are confident in
CNCT-19, and we expect Juventas to submit for NDA to the NMPA in
2022 for the B-ALL indication. CASI and Juventas will continue to
maintain a working partnership, focusing on product launch and
co-marketing for CNCT-19."
Dr. He continued, "The completion of the equity transfer
transaction will strengthen CASI's balance sheet by providing CASI
with sufficient cash to operate until, at least, the end of 2023.
This transaction will allow CASI to advance the development of our
other pipeline projects while augmenting the efforts of our sales
and marketing team."
About CNCT-19
CNCT19 targets CD19, a B-cell surface protein widely expressed
during all phases of B-cell development and a validated target for
B-cell driven hematological malignancies. CD19- targeted CAR
constructs from several different institutions have demonstrated
consistently high antitumor efficacy in children and adults with
relapsed B-cell acute lymphoblastic leukemia (B-ALL), chronic
lymphocytic leukemia (CLL), and B-cell non-Hodgkin lymphoma
(B-NHL). CD19 antigen is the most frequently used target in the
CAR-T cell therapy clinical trials for hematological malignancies
such as leukemia and lymphoma. Juventas is responsible for the
development of CNCT19. CASI and Juventas will co-commercialize
CNCT19 under the direction of the program's joint steering
committee.
About CASI Pharmaceuticals
CASI Pharmaceuticals, Inc. 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.,
located in Beijing, China. The
Company has built a commercial team of more than 100 hematology and
oncology sales and marketing specialists based in China. More information on CASI is available
at www.casipharmaceuticals.com.
About Juventas
Juventas is a biopharmaceutical company headquartered in
China dedicated to the development
and commercialization of cell therapies globally. Utilizing
innovative and integrated technology platforms, the company has
developed a diverse pipeline of cellular immunotherapies for
treatment of hematological malignancies, solid tumors, and other
non-oncological conditions both in China and globally. At present, the company is
conducting two pivotal clinical trials of CNCT19 for treating adult
r/r-B-ALL and r/r-B-NHL in China.
CNCT19 has the potential to become the first launched domestically
developed CD19 CAR-T therapy in China and the first CAR-T product for the
treatment of adult R/R B-ALL in China.
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.
For further information, please contact:
CASI Pharmaceuticals, Inc.
Rui
Zhang
Phone: 240.864.2643
Email: ir@casipharmaceuticals.com
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SOURCE CASI Pharmaceuticals, Inc.