On July 8, 2022 CASI Pharmaceuticals, Inc. (NASDAQ: CASI), a U.S. biopharmaceutical company focused on developing and commercializing innovative therapeutics and pharmaceutical products, reported that Precision Autoimmune Therapeutics Co., Ltd., (PAT), previously known as Beijing Tianshi Tongda Pharmaceuticals Technology Co., Ltd (TIANSHI), has completed the first-round financing which raised RMB140 million (approximately $21 million) (Press release, CASI Pharmaceuticals, JUL 8, 2022, View Source [SID1234616559]). After completion of the first-round financing, CASI holds a 15% stake in PAT.
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On May 25, 2022, CASI and PAT entered into a worldwide sub-license agreement for the investigational anti-CD38 monoclonal antibody, CID-103, for the treatment, prevention, and diagnosis of autoimmune diseases, conditions, and disorders in humans. Under the terms of the agreement, CASI maintains exclusive US commercialization and co-marketing rights of CID-103 in autoimmune indications in the United States. CASI also has the co-commercial rights in the autoimmune-derived hematology indications for CID-103 in China, but is not obligated to co-commercialize those programs. Upon the completion of PAT’s first-round of financing, PAT will pay CASI US $5 million equivalent as the first part of two-installments upfront payment under the license agreement.
Wei-Wu He, Ph.D., CASI’s Chairman and Chief Executive Officer, said "The successful completion of PAT’s first-round financing allows PAT to move forward with the CID-103 autoimmune development program. By partnering with PAT, the development of CID-103 in the autoimmune indications will proceed external to CASI’s budget during a period of challenging biotech funding. Partnership with PAT will accelerate the development and potential commercialization of CID-103 in autoimmune disease, autoimmune-derived hematology indications, both are mutually beneficial to the PAT and CASI shareholders."