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CASI Pharmaceuticals raises $50M via sale of shares

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.