CASI - Casi to sell stake in Juventas to Jiadao Gongcheng for ~RMB240.87M

• Casi Pharmaceuticals ( NASDAQ: CASI ) is selling its equity interest of 12.0098% in Juventas Biotechnology (Tianjin) to Shenzhen Jiadao Gongcheng Equity Investment Fund for RMB240.87M (~$34.03M).
• Casi's unit Casi Biopharmaceuticals (Wuxi) signed the equity transfer agreement with Jiadao under which one payment will be made after signing and the second after the equity transaction is completed, the Rockville, Md.-based company said in a Sept. 23 press release.
• "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," said Casi's Chairman and CEO Wei-Wu He.
• The CEO added that Casi expects Juventas to file an application an application to the Chinese drug regulator seeking approval of CNCT-19 for  B-cell acute lymphoblastic leukemia.
• "CASI and Juventas will continue to maintain a working partnership, focusing on product launch and co-marketing for CNCT-19," the CEO commented.

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