CASI Pharma, a US-China biopharma listed in the US, raised $23.3 million in a private placement. The company sold nearly 8 million shares at a price of $3 each, including a warrant to buy 0.2 shares at $3 apiece. CASI’s previous close was $3.62. Following the announcement, the stock is trading at $2.77, a 24% drop. CASI, which is headquartered in Maryland with a Beijing R&D operation, in-licensed China rights to a portfolio of three drugs from Spectrum Pharma in exchange for a 20% CASI stake in 2014. The company is currently working to obtain China approval of the drugs.
Source: China Biotoday
