Benzinga | Sep 2, 2020 04:26PM EDT

CASI Pharmaceuticals Says On Aug. 27 Co. And Wuxi Jintou Huicun Investment Enterprise Entered Construction Project Contract; CASI-Wuxi Will Pay A Contract Price Of $10.923M

On August 27, 2020, CASI Pharmaceuticals (WUXI) Co., Ltd. ("CASI-Wuxi"), a joint venture between CASI Pharmaceuticals, Inc. (the "Company") and Wuxi Jintou Huicun Investment Enterprise (Limited Partnership) in which the Company owns 80% of the equity interests, entered into the Construction Project Contract (the "Construction Contract") with China Electronic System Engineering No. 2 Construction Co., Ltd. ("China Engineering"). Pursuant to the Construction Contract, CASI-Wuxi will pay a contract price of RMB 74,588,310 (equivalent to USD $10,923,408) to retain China Engineering to complete the phase 1 project of CASI-Wuxi's research and development production base, consisting of construction and installation of a combined factory building, warehouse, guard house and public works. The estimated completion date is October 13, 2023.