CASI reports lower loss

CASI Pharmaceuticals Inc., a clinical-stage pharmaceutical company developing treatments for cancer and other diseases, reported a net loss for the second quarter, which ended June 30, of $1.6 million, or 6 cents per share. This compares with a net loss of $1.9 million, or 7 cents per share, for the same period last year. As of June 30, CASI had cash and cash equivalents of approximately $13.1 million. As in the prior-year period, CASI reported no revenue. Ken K. Ren, Ph.D., CASI’s chief executive officer, said in a statement: “We are pleased with our financial position and will continue to manage expenditures as we advance the development of ENMD-2076 [a cancer drug].”   The company changed its name from EntreMed in June.

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