CASI Pharmaceuticals Announces Up to $20 Million Convertible Note Financing

Core Viewpoint - CASI Pharmaceuticals has announced a $20 million investment through a convertible note purchase agreement to fund a Phase 1 study in China for renal allograft antibody-mediated rejection (AMR) and to develop a stable, high concentration protein solution for subcutaneous formulation [1][5]. Group 1: Investment Details - The investment will be made in tranches and is subject to multiple closings, contingent on the Purchaser's satisfaction with the Company's business results and financial status [2]. - Each convertible note will mature in 36 months, bearing an interest rate of 12% per annum, and can be converted into ordinary shares at a specified conversion price [3]. Group 2: Company Overview - CASI Pharmaceuticals is a clinical-stage biopharmaceutical company developing CID-103, an anti-CD38 monoclonal antibody aimed at treating organ transplant rejection and autoimmune diseases [4][5]. - CID-103 has shown promising pre-clinical efficacy and clinical safety, and the company has received FDA IND clearance for a Phase 1 study in the U.S. [5].