, /PRNewswire/ -- CASI Pharmaceuticals, Inc. (Nasdaq: ) ("CASI" or the "Company"), a biopharmaceutical company specializing in the development and commercialization of innovative therapeutic and pharmaceutical products, announced today that the Company is planning to submit an Investigational New Drug ("IND") application to the U.S.
Food and Drug Administration ("FDA") for CID-103 for the treatment of antibody-mediated rejection ("AMR") in kidney transplant recipients by the end of 2024. CID-103 is a fully human IgG1 anti-CD38 monoclonal antibody recognizing a unique epitope that has demonstrated an encouraging preclinical efficacy and safety profile compared to other anti-CD38 monoclonal antibodies. The Company believes that with the proceeds from the previously announced private placement financing, together with its existing cash and cash equivalents, it will have sufficient capital to complete the Phase II clinical trial for AMR.
CASI also announced that its board of directors (the "Board") received a preliminary non-binding proposal letter (the "Proposal Letter") dated , from Dr. , Chairman of the Board and CEO of the Company, to acquire the entire business operations of the Company in and all license-in, distribution and related rights in (excluding ) related to all of the Company's pipeline products, including but not limited to EVOMELA , FOLOTYN , CNCT19, BI-1206, CB-5339,CID-103 and Thiotepa, for an aggregate purchase price of , which shall include assumption of up t.
