Deal includes warrants; proceeds fund clinical, marketing activities
By Devika Patel
Knoxville, Tenn., Sept. 21 – CASI Pharmaceuticals Inc. said it will conduct a $25.1 million private placement of stock.
The company will sell 20,658,434 common shares at $1.19 per share, which is identical to the Sept. 18 closing share price.
The investors also received three-year warrants for 4,131,686 shares at a purchase price of $0.125 per warrant. Each warrant is exercisable at $1.69, a 42.02% premium to the Sept. 18 closing price.
Proceeds will be used for clinical and regulatory activities, to expand the company’s product pipeline and for marketing and commercial planning activities.
The biopharmaceutical company is based in Rockville, Md.
| Issuer: | CASI Pharmaceuticals Inc.
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| Issue: | Common shares
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| Amount: | $25.1 million
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| Shares: | 20,658,434
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| Price: | $1.19
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| Warrants: | For 4,131,686 shares
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| Warrant price: | $0.125
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| Warrant expiration: | Three years
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| Warrant strike price: | $1.69
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| Pricing date: | Sept. 21
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| Stock symbol: | Nasdaq: CASI
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| Stock price: | $1.19 at close Sept. 18
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| Market capitalization: | $37.64 million
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