CASI Pharmaceuticals secures up to $20 million convertible note financing

CASI Pharmaceuticals, Inc. (NASDAQ: CASI) announced it has entered into a convertible note purchase agreement with ETP Global III Fund LP for up to $20 million in financing. The clinical-stage biopharmaceutical company said the investment will fund a Phase 1 study in China for renal allograft antibody-mediated rejection and development of a subcutaneous formulation.

The convertible notes will be sold in multiple tranches, with each closing subject to the purchaser's satisfaction with the company's business results and financial status. ETP Global III Fund LP is controlled by Dr. Wei-Wu He.

Each convertible note carries a 36-month maturity with 12% annual interest. The company may convert the notes into ordinary shares at maturity, while the purchaser has conversion rights starting 91 days after issuance. The conversion price will be based on the volume weighted average closing price over five consecutive trading days, capped between $1 and $2 per share.

CASI develops CID-103, an anti-CD38 monoclonal antibody for organ transplant rejection and autoimmune diseases. The company received FDA clearance for a Phase 1 study in renal allograft antibody-mediated rejection in the United States and is currently recruiting patients for a Phase 1 study in immune thrombocytopenia.

The information is based on a company press release statement.

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