CASI Pharmaceuticals Inc. raised $50 million to prepare for the commercialization of its first product in China.
Rockville, Md.-based CASI Pharmaceuticals sold 15,432,091 shares of the company at $3.24 each, complete with warrants to purchase up to an additional 6,172,832 stock at $3.69 apiece.
ETP Global Fund LP; IDG-Accel China Growth Fund III; and Robert Duggan, former CEO and chairman of Pharmacyclics Inc., led the funding.
The company's Evomela, Marqibo and Zevalin products are in various regulatory stages for market approval in China.