CASI Pharmaceuticals Completes $20 Million Convertible Note Financing with Final $5 Million Tranche

CASI Pharmaceuticals, Inc. has announced the closing of the fourth and final tranche of its US$20 million convertible note financing. This final tranche involved the issuance of a US$5 million convertible note to ETP Global III Fund LP, a partnership controlled by the company's Chairman, Dr. Wei-Wu He. The note carries a 36-month maturity and bears an interest rate of 12% per annum. At maturity, the note may be converted into ordinary shares at the company's option. Additionally, the purchaser has the right to convert the note into shares starting 91 days after issuance. The conversion price is set based on the five-day volume-weighted average closing price preceding the conversion, with a floor of US$1.00 and a ceiling of US$2.00 per share. The company is currently focused on developing CID-103, an anti-CD38 monoclonal antibody intended for the treatment of organ transplant rejection and autoimmune diseases. This financing provides additional capital to support its clinical-stage pipeline.