CASI Pharmaceuticals Inc (NASDAQ: CASI) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced a key update with regard to bringing a pipeline product to market. Of course, the update led to excitement among investors, sending the stock toward the top and prompting an alert from our partners at Trade Ideas. Currently (10:50), CASI is trading at $3.57 per share after a gain of $1.35 per share (60.81%) thus far today.
CASI Gains On Priority Review Status
As mentioned above, CASI Pharmaceuticals is having an incredibly strong day in the market today after the company announced a key update with regard to a pipeline treatment that may be hitting the market relatively soon.
The company informed investors in a press release early this morning that the Chinese Food and Drug Administration has granted priority review. The priority review designation was granted to a drug that CASI has been working on known as EVOMELA for injection.
EVOMELA is a treatment created by CASI for use as a high-dose conditioning treatment that takes place prior to hematopoietic progenitor (stem) cell transplantation in patients with multiple myeloma. EVOMELA is also indicated for the palliative treatment of patients with multiple myeloma for whom oral therapy is not appropriate.
Today’s news surrounding CASI Pharmaceuticals comes just after the Chinese Food and Drug Administration announced that it would start to accept clinical data from clinical trials outside of the United States. This will ultimately improve the dataset associated with the potential approval of EVOMELA in China.
What Priority Review Status Means
As the name Priority Review status suggests, the status will lead to a faster review of the treatment by the Chinese Food and Drug Administration. As a result, the treatment will likely hit the market faster, bringing this much needed treatment to multiple myeloma patients quickly and driving revenue for the company relatively soon.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will keep a close eye on CASI. In particular, we’ll continue to follow the story surrounding EVOMELA and excited to learn of the approval in the world’s second largest market, China. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!