CASI Pharmaceuticals had $10.8M loss in 2017.
Byline: Sean Wallace
Rockville-based biopharmaceutical company CASI Pharmaceuticals reported a net loss of $.8 million in financial statements released Thursday. Company officials attribute the loss to costs associated with CFDA quality testing in support of CASI's application for import drug registration of two drugs, offset by less non-cash stock compensation expense during 2017. Despite the loss, CASI Executive Chairman Wei-Wu He, Ph.D. said the company is excited by its acquisition of a portfolio of 25 U.S. FDA-approved abbreviated new drug applications (ANDAs) from Sandoz. The company also raised$50 millionfrom new and existing investors, leaving it well-positioned to launch the drug Evomela after the China Food and Drug Administration's priority review is concluded. Evomela was granted priority review by the China Food and Drug Administration while reviews of Mariqbo and Zevalin are in progress by the CFDA.
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