CASI Pharmaceuticals is a biopharmaceutical company that is focused on the acquisition, development, and commercialisation of therapeutics. The company has a strong and growing product pipeline of commercially available and clinical-stage drug candidates and aims to become the leading platform for medicines in the greater China market. It is listed on the NASDAQ Capital Market and currently has a market capitalisation of $250 million.
Encouraging Q1 resultsCASI Pharmaceuticals issued an encouraging set of first-quarter results in May. For the quarter, revenue came in at $3.4 million, compared to $0 for the same period in 2019. Revenues consisted primarily of product sales of EVOMELA – a formulation designed to treat myeloma – which launched in August 2019. Wei-Wu He, CASI’s Chairman and CEO, commented, “Despite the unprecedented macro conditions impacting our global economy, I am pleased to report that we have made very encouraging progress this past quarter. Importantly, EVOMELA revenues were $3.4 million in Q1, driven in large part by the high unmet need in this patient population. EVOMELA has proven to be an essential drug for multiple myeloma patients and is the only form of melphalan commercially available in China.”
Source: 2iQ Research