On September 23, 2022 CASI Pharmaceuticals, Inc. (NASDAQ: CASI), a U.S. biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products ("CASI"), reported that CASI Biopharmaceuticals (Wuxi) Co., Ltd, a subsidiary of CASI Pharmaceuticals, Inc. ("CASI Wuxi"), entered into an Equity Transfer Agreement with Shenzhen Jiadao Gongcheng Equity Investment Fund, LLP ("Jiadao Gongcheng"), pursuant to which CASI Wuxi agreed to transfer its equity interest in Juventas Biotechnology (Tianjin) Co., Ltd. ("Juventas") amounting to 12.0098% total Juventas equity to Jiadao Gongcheng for RMB 240.87 million (equivalent to USD 34.03 million) (Press release, CASI Pharmaceuticals, SEP 23, 2022, View Source [SID1234621382]). The Equity Transfer Agreement states there will be two even payment installments from Jiadao Gongcheng: one payment to be made after the Equity Transfer Agreement is signed and the second payment to be made after the completion of the equity transaction.
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Wei-Wu He, Ph.D., CASI’s Chairman and Chief Executive Officer, commented, "We are confident in CNCT-19, and we expect Juventas to submit for NDA to the NMPA in 2022 for the B-ALL indication. CASI and Juventas will continue to maintain a working partnership, focusing on product launch and co-marketing for CNCT-19."
Dr. He continued, "The completion of the equity transfer transaction will strengthen CASI’s balance sheet by providing CASI with sufficient cash to operate until, at least, the end of 2023. This transaction will allow CASI to advance the development of our other pipeline projects while augmenting the efforts of our sales and marketing team."
About CNCT-19
CNCT19 targets CD19, a B-cell surface protein widely expressed during all phases of B-cell development and a validated target for B-cell driven hematological malignancies. CD19- targeted CAR constructs from several different institutions have demonstrated consistently high antitumor efficacy in children and adults with relapsed B-cell acute lymphoblastic leukemia (B-ALL), chronic lymphocytic leukemia (CLL), and B-cell non-Hodgkin lymphoma (B-NHL). CD19 antigen is the most frequently used target in the CAR-T cell therapy clinical trials for hematological malignancies such as leukemia and lymphoma. Juventas is responsible for the development of CNCT19. CASI and Juventas will co-commercialize CNCT19 under the direction of the program’s joint steering committee.