CASI Pharmaceuticals, Inc. announced that it expects to receive $15 million in funding from VR Adviser, LLC, Foresite Capital Management, LLC, Panacea Venture Management Co., Ltd.

CASI Pharmaceuticals, Inc announced that it has entered into securities purchase agreement of 1,020,000 ordinary shares of the Company, at a price of $5 per ordinary share for gross proceeds $5,100,000 and 1,980,000 pre-funded warrants to purchase up to an aggregate of 1,980,000 ordinary shares at a price of $5 per warrant for gross proceeds $9,900,000 for gross proceeds $15,000,000 on June 26, 2024. The transaction includes participation from new investors led by Venrock Healthcare Capital Partners and Foresite Capital, with participation by Panacea Venture and Dr. Wei-Wu He, the Chairman of the board of directors and Chief Executive Officer of the Company and his family trust. The PIPE Transaction is expected to close in mid-July 2024, subject to the satisfaction of customary closing conditions.

Each pre-funded warrant will have an exercise price of $0.0001 per share, and will be exercisable immediately and remains exercisable until exercised in full. The pre-funded warrants are subject to other terms and conditions, including certain ordinary share ownership limitations.