CASI Pharmaceuticals Announces Partner Juventas Completion Of Series C Financing Of $63 Million (RMB410 Million) For Acceleration Of CNCT19 Pivotal Trials And Commercialization
CASI Pharmaceuticals (Nasdaq: CASI) announced that Juventas Cell Therapy Ltd. has successfully raised over RMB410 million (approximately $63 million) in a Series C financing round. The funds will be utilized for a new drug application in China and to advance commercialization and research for CNCT19. CASI holds a 12.0098% equity stake in Juventas and aims to co-commercialize CNCT19, a CAR-T therapy targeting CD19 for treating B-cell malignancies. This collaboration emphasizes CASI's commitment to enhancing hematology-oncology therapy access in China.
- Juventas raised over RMB410 million (approx. $63 million) for CNCT19 development.
- CASI holds a 12.0098% equity stake in Juventas post-financing.
- The collaboration will enhance access to CAR-T therapy in China.
- None.
ROCKVILLE, Md. and BEIJING, Oct. 25, 2021 /PRNewswire/ -- CASI Pharmaceuticals, Inc. (Nasdaq: CASI), a U.S. biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products, today reported that Juventas Cell Therapy Ltd. ("Juventas") has completed a Series C financing round through which it raised more than RMB410 million (approximately
CASI shares global co-commercial and profit-sharing rights with Juventas and indirectly owns a
Dr. Wei-Wu He, CEO and Chairman of CASI comments: "CASI, through its commercialization of Evomela in China, has built a robust commercial team in the hematology-oncology market. Juventas is a leading cell therapy innovator in China. The collaboration between CASI and Juventas will speed up the adoption of CAR-T therapy in China, helping thousands of patients in need of this breakthrough therapy."
About CNCT19
CNCT19 targets CD19, a B-cell surface protein widely expressed during all phases of B-cell development and a validated target for B-cell driven hematological malignancies. CD19- targeted CAR constructs from several different institutions have demonstrated consistently high antitumor efficacy in children and adults with relapsed B-cell acute lymphoblastic leukemia (B-ALL), chronic lymphocytic leukemia (CLL), and B-cell non-Hodgkin lymphoma (B-NHL). CD19 antigen is the most frequently used target in the CAR-T cell therapy clinical trials for hematological malignancies such as leukemia and lymphoma. Juventas is responsible for the development of CNCT19. CASI and Juventas will co-commercialize CNCT19 under the direction of the program's joint steering committee.
About Juventas
Juventas Cell Therapy Ltd. is an innovative cell therapy company with headquarters located in Tianjin City, China. The company's lead product, CNCT19 (CD19 CAR-T), was originally created at the Institute of Hematology, Chinese Academy of Medical Sciences, one of the top hematology centers in China. CD19 CAR-T is used to treat patients with acute lymphoblastic leukemia and relapsed non-Hodgkin lymphoma. Juventas' pipeline also includes a pre-IND CD19/CD20 CAR-T that is currently in pre-IND development for non-Hodgkin lymphoma, along with other cellular-based products in preclinical and exploratory studies.
About CASI Pharmaceuticals
CASI Pharmaceuticals, Inc. is a U.S. 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., which is located in Beijing, China. The Company has built a commercial team of over 80 hematology and oncology sales and marketing specialists based in China. More information on CASI is available at www.casipharmaceuticals.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for expectations for future financial or business performance, revenue growth, strategies, expectations and goals. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and we assume no duty to update forward-looking statements. New factors emerge from time to time, and it is not possible for us to predict which factors will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Actual results could differ materially from those currently anticipated due to a number of factors.
COMPANY CONTACT: CASI Pharmaceuticals, Inc. 240.864.2643 | INVESTOR CONTACT: Solebury Trout Bob Ai 646-389-6658 |
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SOURCE CASI Pharmaceuticals, Inc.
FAQ
What was the purpose of Juventas' Series C financing reported by CASI on October 25, 2021?
How much equity stake does CASI Pharmaceuticals have in Juventas after the Series C financing?
What is CNCT19 and its significance for CASI Pharmaceuticals?
When was the Series C financing round for Juventas completed?
