CASI Pharmaceuticals Inc (NASDAQ:CASI) consummated the final of a series of closings (the “Final Closing”) of a financing commitment previously announced on September 21, 2015. In connection with the Final Closing, under the terms of the September 20, 2015 purchase agreement, the Company issued 6,480,655 shares of common stock, priced at $1.190 per share, and 1,296,129 warrants, with a purchase price of $0.025 per warrant, for gross proceeds of $7,874,000.07. Due to the regulatory approval process in China and to facilitate a more prompt receipt of funds, the Company allowed a portion of the funds to be delivered in RMB to CASI (Beijing) Pharmaceuticals, Inc., the Company’s wholly-owned subsidiary organized under the laws of the PRC.

As previously disclosed, on September 20, 2015, the Company entered into stock purchase agreements with certain accredited investors (the “Investors”), pursuant to which, the Company agreed to sell to the Investors in a private placement an aggregate of 20,658,434 shares of the Company’s common stock, at $1.190 per share, and a total of 4,131,686 warrants, representing a 20% warrant coverage, with a purchase price of $0.025 per whole warrant share, for aggregate gross proceeds to the Company of approximately $25.1 million. The warrants will become exercisable three months after issuance at $1.69 per share exercise price, and will expire three years from the date the warrants become exercisable. The closing was subject to certain regulatory and customary closing conditions. In January 2016, the Company completed the first closing and received approximately $10.3 million. In June 2016, the Company completed the second closing and received approximately $6.0 million. In July 2016, the Company completed the third closing and received $1.0 million. All closings, including the Final Closing reported herein, were priced at $1.190 per share of common stock and $0.025 per warrant share as set forth in the previously announced stock purchase agreements.