TLDR:
– CASI Pharmaceuticals secured $15 million in a private placement financing deal with key investors.
– The financing is expected to result in approximately $15.0 million in gross proceeds.
In an effort to boost its financial standing, CASI Pharmaceuticals, a biopharmaceutical company, announced a successful private placement financing deal with key investors including Venrock Healthcare Capital Partners, Foresite Capital, Panacea Venture, and Dr. Wei-Wu He. The deal, known as a PIPE Transaction, is expected to bring in around $15.0 million in gross proceeds. This financing move involves the sale of ordinary shares of the company at a price of $5.00 per share, along with pre-funded warrants for potential shares. The securities being issued and sold have not been registered under the Securities Act of 1933, and the transaction is expected to close in mid-July 2024. With Jefferies acting as the placement agent, CASI Pharmaceuticals aims to strengthen its financial position and continue its focus on developing and commercializing innovative therapeutics and pharmaceutical products globally.
