Casi Pharmaceuticals announces $50M private placement
CASI Pharmaceuticals announces a $50M private placement. The company has entered into definitive securities purchase agreements pursuant to which the company will issue 15,432,091 shares of its Common Stock with accompanying warrants to purchase 6,172,832 shares of its Common Stock. The purchase price for each share of Common Stock and warrant is $3.24. The warrants will become exercisable 180 days after issuance at a $3.69 per share exercise price, and will expire five years from the date of issuance. On March 19, 2018, the consolidated closing bid price per share of Common Stock was $3.19. The financing was led by ETP Global Fund LP, IDG-Accel China Growth Fund III, and Robert W. Duggan, former Chairman and CEO of Pharmacyclics Inc. The financing is expected to close on or about March 21, 2018. Proceeds will be used by the Company to prepare for the anticipated launch of its first commercial product in China and also for working capital general corporate purposes.