CASI Pharmaceuticals, Inc. (Nasdaq: CASI) ("CASI" or the "Company"), a biopharmaceutical company specializing in the development and commercialization of innovative therapeutic and pharmaceutical products, announced today that it has entered into securities purchase agreements with certain investors for a private investment in public equity financing (the "PIPE Transaction") that is expected to result in aggregate gross proceeds of approximately $15.0 million, before deducting placement agent fees and other private placement expenses.
The PIPE Transaction is being led by Venrock Healthcare Capital Partners and Foresite Capital, with participation by Panacea Venture and Dr. Wei-Wu He, the Chairman of the board of directors and Chief Executive Officer of the Company and his family trust.
In the PIPE Transaction, CASI is selling an aggregate of 1,020,000 ordinary shares of the Company, at a price of $5.00 per ordinary share, and in the case of two investors, pre-funded warrants to purchase up to an aggregate of 1,980,000 ordinary shares at a per-share pre-funded exercise price of $4.9999. Each pre-funded warrant will have an exercise price of $0.0001 per share, and will be exercisable immediately and remains exercisable until exercised in full. The pre-funded warrants are subject to other terms and conditions, including certain ordinary share ownership limitations. The PIPE Transaction is expected to close in mid-July 2024, subject to the satisfaction of customary closing conditions.
Jefferies is acting as the placement agent to the Company for the PIPE Transaction.
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