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CASI Pharmaceuticals Reports Second Quarter 2014 Financial Results
Date:8/14/2014

ROCKVILLE, Md., Aug. 14, 2014 /PRNewswire/ -- CASI Pharmaceuticals, Inc. (Nasdaq: CASI), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer and other diseases, today reported financial results for the three and six months ended June 30, 2014. 

CASI reported a net loss for the second quarter of 2014 of ($1.6 million), or ($0.06) per share. This compares with a net loss of ($1.9 million), or ($0.07) per share, for the same period last year.
For the first six months of 2014 the net loss was ($3.1 million), or ($0.11) per share, compared with a net loss of ($3.0 million), or ($0.12) per share, for the first six months of 2013. 

As of June 30, 2014, CASI had cash and cash equivalents of approximately $13.1 million.

Sara B. Capitelli, CASI's Vice President, Finance, commented on the second quarter results, "Our second quarter 2014 financial results were in line with expectations.  Research and development expenses decreased compared with the previous year due to lower non-cash stock-based compensation expense of $0.2 million, partially offset by increases in costs associated with the manufacturing and clinical development of ENMD-2076 in the U.S. and our research and development operations in China.  General and administrative expenses for the second quarter of 2014 decreased compared with the previous year, reflecting lower non-cash stock-based compensation expense of $0.2 million, partially offset by an increase in corporate business development activities.  As we continue to execute our clinical development plan, we expect operating expenses to increase in 2014."

Ken K. Ren, Ph.D., CASI's Chief Executive Officer, stated, "We are pleased with our financial position and will continue to manage expenditu
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SOURCE CASI Pharmaceuticals, Inc.
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