CASI Pharmaceuticals Reports Second Quarter 2017 Financial Results

8/14/17

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.

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