CASI Pharmaceuticals Inc (NASDAQ:CASI) reported a growth of 265% YoY to $15 million in 2020. Cost of revenues increased by 143% YoY to $9.5 million in 2020.
CASI’s R&D spending increased to $11.5 million (up 23.65%) in 2020. It is on the backdrop of development expenses related to CID-103 and the marketing study of EVOMELA. Its G&A expenses declined to $19.7 million (down 27.83% YoY) in 2020.
CASI’s loss widened marginally to $47.5 million (up 4.62% YoY) in 2020. It is on the backdrop of acquiring targeted drugs and R&D activities.
Acquires VCP/p97 inhibitor
Chairman of CASI, Wei-Wu He said the company is executing its stated strategic objectives despite the ongoing coronavirus. CASI recently took over VCP/p97, a first-in-class small molecule inhibitor, from Cleave Therapeutics to treat solid tumors and hematological malignancies.
The company is conducting a phase 1 clinical study to evaluate VCP/p97 in patients with MDS (myelodysplastic syndrome) and AML (acute myeloid leukemia).
He further said CASI focuses on advancing the commercial launch of CAR-T NDA and related filing. It expects to benefit from the reduced cost of goods and quick regulatory approvals for China’s launch.
EVOMELA to generate over 50% sales
Wei-Wu further stated the company is pleased with the increased patient uptake of EVOMELA as it continues to assemble best-in-class assets and promoting prevailing development. The company expects to generate revenues of more than 50% from the sale of EVOMELA in 2021.
CASI will utilize its prevailing commercial infrastructure and prepare for impending regulatory filings and continue to evaluate complementary pipeline assets. The company raised funds of $32.5 million through a UPO (underwritten public offering). It added healthcare dedicated and long-term investors to its success story. CASI will put in efforts to improve long-term value for the shareholders and expand its investor base in the US.
CASI took over checkpoint inhibitor – BI-1206 in October 2020 from BioInvent. The drug targets FcγRIIB. It is used to boost anticancer immunity in patients with solid and liquid tumors.
BioInvent is investigating BI-1206 in phase 1/ 2 clinical trial together with pembrolizumab to treat solid tumors. The company is also conducting a phase 1/ 2 clinical study of the drug and rituximab to cure NHL (non-Hodgkin lymphoma). CASI plans to submit IND for innovative drug candidate BI-1206 in 2021 with NMPA to commence clinical study in China.