CASI Pharmaceuticals announces appointment of Daniel Lang, MD as CFO and SVP

Rhea-AI Summary

CASI Pharmaceuticals has appointed Dr. Daniel Lang as Chief Financial Officer and Senior Vice President, effective July 8, 2024. Dr. Lang brings over 30 years of experience, including roles as a physician-scientist, investor, and biotech executive. His background encompasses cardiology training at UCSF and investment roles at Farallon Capital and RS Investments Value Group. Most recently, he served as President of Athenex's cell therapy division. His appointment aims to leverage his diverse expertise for strategic shifts in CASI's anti-CD38 program focusing on antibody-mediated rejection and idiopathic thrombocytopenic purpura.

Positive

• Appointment of Dr. Daniel Lang as CFO and SVP brings over 30 years of expertise in medicine, investment, and biotech.
• Dr. Lang's background includes significant roles in Farallon Capital and RS Investments, which may positively impact CASI's financial strategies.
• His recent experience as President of Athenex’s cell therapy division suggests strong leadership capabilities.
• The strategic pivot to focus on antibody-mediated rejection and idiopathic thrombocytopenic purpura could unlock new market potentials.

Negative

• The appointment indicates a strategic pivot which might entail risks associated with changes in business focus.
• Potential concerns about continuity and stability due to leadership change.

BEIJING, July 8, 2024 /PRNewswire/ -- CASI Pharmaceuticals, Inc. (Nasdaq: CASI), a Cayman incorporated biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products today announces appointment of Daniel Lang, MD as Chief Financial Officer and Senior Vice President, effective July 8^th, 2024.

Dr. Lang has more than 30 years of experience as a physician scientist, investor, and biotech executive. He is a cardiologist by training from UCSF, followed by 20 years of investment experience as a portfolio manager at Farallon Capital and Chief Investment Officer at RS Investments Value Group. Most recently, he was the President of Athenex cell therapy division and led clinical development of the NKT cell platform.

"We are delighted to have Dan join us at this exciting time at CASI. His unique combination of clinical, operational and capital market experience will contribute to the strategic pivot of anti-CD38 program to focus on antibody mediated rejection (AMR) and Idiopathic thrombocytopenia purpura (ITP)," said Dr. Wei-Wu He, Chairman and CEO of CASI Pharmaceuticals.

Dr. Lang commented "I am excited to join CASI to execute on the Company's strategy in maximizing the value of its pipeline products, especially CID-103 which has a great potential to address unmet medical needs for autoimmune disease patients."

About CASI Pharmaceuticals

CASI Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products in China, the United States, and throughout the world. The Company is focused on acquiring, developing, and commercializing products that augment its hematology oncology therapeutic focus as well as other areas of unmet medical need. The Company intends to execute its plan to become a leader by launching medicines in the Greater China market, leveraging the Company's China-based regulatory and commercial competencies and its global drug development expertise. The Company's operations in China are conducted through its wholly owned subsidiary, CASI Pharmaceuticals (China) Co., Ltd., located in Beijing, China. 

Forward-Looking Statements

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as the Company's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the risk that we may be unable to continue as a going concern as a result of our inability to raise sufficient capital for our operational needs; the possibility that we may be delisted from trading on The Nasdaq Capital Market if we fail to satisfy applicable continued listing standards; the volatility in the market price of our ordinary shares; the risk of substantial dilution of existing shareholders in future share issuances; the difficulty of executing our business strategy on a global basis including China; our inability to enter into strategic partnerships for the development, commercialization, manufacturing and distribution of our proposed product candidates or future candidates; legal or regulatory developments in China that adversely affect our ability to operate in China, our lack of experience in manufacturing products and uncertainty about our resources and capabilities to do so on a clinical or commercial scale; risks relating to the commercialization, if any, of our products and proposed products (such as marketing, safety, regulatory, patent, product liability, supply, competition and other risks); our inability to predict when or if our product candidates will be approved for marketing by the FDA, European Medicines Agency, PRC National Medical Products Administration, or other regulatory authorities; our inability to enter into strategic partnerships for the development, commercialization, manufacturing and distribution of our proposed product candidates or future candidates; the risks relating to the need for additional capital and the uncertainty of securing additional funding on favorable terms; the risks associated with our product candidates, and the risks associated with our other early-stage products under development; the risk that result in preclinical and clinical models are not necessarily indicative of clinical results; uncertainties relating to preclinical and clinical trials, including delays to the commencement of such trials; our ability to protect our intellectual property rights; the lack of success in the clinical development of any of our products; and our dependence on third parties; the risks related to our dependence on Juventas to conduct the clinical development of and to partner with us to co-market CNCT19; risks related to our dependence on Juventas to ensure the patent protection and prosecution for CNCT19; risks relating to the commercialization, if any, of our proposed products (such as marketing, safety, regulatory, patent, product liability, supply, competition and other risks); risks relating to interests of our largest shareholder and our Chairman and CEO that differ from our other shareholders; and risks related to the development of a new manufacturing facility by CASI Pharmaceuticals (Wuxi) Co., Ltd. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided herein is as of the date of this announcement, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

COMPANY CONTACT:
Rui Zhang
CASI Pharmaceuticals, Inc.
240.864.2643
ir@casipharmaceuticals.com

 

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SOURCE CASI Pharmaceuticals

FAQ

Who is the new CFO and SVP of CASI Pharmaceuticals?

Dr. Daniel Lang has been appointed as the new CFO and SVP of CASI Pharmaceuticals, effective July 8, 2024.

What is Dr. Daniel Lang's background?

Dr. Lang has over 30 years of experience as a physician-scientist, investor, and biotech executive, including roles at Farallon Capital, RS Investments, and Athenex.

Why was Dr. Daniel Lang appointed as CFO and SVP of CASI Pharmaceuticals?

Dr. Lang's extensive experience in clinical, operational, and capital markets is expected to contribute to CASI's strategic initiatives and pipeline development.

What strategic changes are expected with Dr. Lang's appointment at CASI Pharmaceuticals?

CASI plans to pivot their anti-CD38 program to focus on antibody-mediated rejection and idiopathic thrombocytopenic purpura.

When does Dr. Daniel Lang start his role at CASI Pharmaceuticals?

Dr. Daniel Lang's appointment as CFO and SVP is effective from July 8, 2024.