CASI Pharmaceuticals, Inc. (CASI) stock surged 3% at last check in current trading session at the price of $0.84 after it announced the stock repurchase program. CASI Pharmaceuticals, Inc. is an oncology-based biopharmaceutical firm. The company develops and commercializes novel therapeutics and pharmaceutical products globally.
CASI Stock Repurchase Program
On 17th December 2021, CASI reported the approval of a stock repurchase program by its board of directors. As per the program, the company will repurchase up to $10 million of its common stock through open market purchases. The company expects to fund this program from its general corporate funds, including cash on hand and future cash flow.
The repurchase program is under Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934. The actual time, number, and value of shares repurchased under this program depends on general business and market conditions, price, and alternative investment opportunities. The stock repurchase program can be extended, expanded, altered, or terminated at any time.
Chief Executive Officer of CASI, Wei-Wu He, remarked that they are determined to deliver value to their shareholders. They have confidence in their business model and are on the right track to transform into a leading and innovative pharmaceutical enterprise. The company aims to introduce advanced medical solutions to fulfill the unmet medical needs of patients, he added.
They are currently executing an innovation-led strategy to satisfy the unmet needs of China’s aging population. CASI is satisfied with steady revenue growth and pipeline progress across its hematology/oncology portfolio. The Stock Repurchase Program demonstrates their confidence in the short-term opportunities and long-term growth plans, he concluded.
CDE Approved Clinical Studies of BI-1206
On 10th December 2021, CASI published that the Center for Drug Evaluation (CDE) had approved the Clinical Trial Application for two clinical trials of BI-1206. BI-1206 is BioInvent’s lead drug candidate and is currently being evaluated in Phase 1/2 trials. It is a novel anti-FcyRIIB antibody that treats patients with non-Hodgkin’s Lymphoma. Wei-Wu He remarked that they are happy to accelerate the development of BI-1206 in China. They believe BI-1206 has the potential to improve the treatment of NHL worldwide.