www.casipharmaceuticals.com CASI PHARMACEUTICALS ANNOUNCES FIRST QUARTER 2023 FINANCIAL RESULTS BEIJING, China (

CASI PHARMACEUTICALS ANNOUNCES

FIRST QUARTER 2023 FINANCIAL RESULTS

BEIJING, China (May 17, 2023) CASI Pharmaceuticals,

Inc. (Nasdaq: CASI), a Cayman Islands incorporated biopharmaceutical company focused on developing and commercializing innovative therapeutics

and pharmaceutical products, today reported financial results for the three months ended March 31, 2023.

Wei-Wu He, Ph.D., CASI's Chairman and Chief

Executive Officer, commented, "Revenue for EVOMELA was $8.3 million in the first quarter of 2023, down 8% from the

same period in 2022. This decline is primarily due to the enhanced impact of the COVID-19 restrictions in major cities in China since

fourth quarter 2022. We are also facing competition from a generic melphalan for injection product with lower cost and undifferentiated

formulation in China market. CASI's commercial and medical marketing team has implemented a strategy to defend our market leadership

position. CASI has a strong foundation for our commercial franchise in the oncology malignant hematology therapeutic area. We will continue

to grow our commercial franchise throughout 2023 and beyond."

Dr. He continued, "Advancement, development,

and commercialization of the portfolio remains our strategic focus. We have achieved a major milestone with our partner Juventas Biotechnology

(Tianjin) ("Juventas") on the CNCT-19 CART cell therapy. CNCT-19's New Drug Application (NDA) was accepted by National

Medical Products Administration (NMPA) in December 2022. We are now diligently preparing for the anticipated CNCT-19 launch in China.

We are advancing the clinical development of BI-1206 in combination with rituximab and presently undertaking the enrollment of patients

for the second cohort of the phase I trial in China. CB-5339 also received Clinical Trial Application approval from the NMPA in January

2023. We are transitioning the development of CID-103 into China for the malignant hematology indications and have submitted the multiple

myeloma IND to the Chinese Health Authority. We plan to build on the momentum to drive our portfolio forward by executing on several milestones

as well as bringing in new potential opportunities for synergy in the quarters ahead."

First Quarter 2023 Financial Highlights

Revenues consist primarily of product sales of

EVOMELA. Revenue was $8.3 million for the three months ended March 31, 2023, compared to $9.0 million for the three months ended March

Costs of revenues were $3.4 million for the three

months ended March 31, 2023, compared to $3.8 million for the three months ended March 31, 2022.

Research and development expenses for the three

months ended March 31, 2023 were $2.5 million, compared with $4.0 million for the three months ended March 31, 2022. The decrease was

mainly due to reduced R&D expenses on CID-103.

General and administrative expenses for the three

months ended March 31, 2023 were $5.7 million, compared with $5.3 million for the three months ended March 31, 2022.

Selling and marketing expenses for the three months

ended March 31, 2023 were $4.0 million, compared with $3.3 million for the three months ended March 31, 2022. The increase was mainly

due to increased marketing activities.

Other income for the three months ended

March 31, 2023 were $1.3 million, compared with $0.04 million for the three months ended March 31, 2022. The increase was mainly

attributed to the $1.3 million refund from Pharmathen Global BV with respect to the termination of the exclusive distribution

license agreement of product Octreotide LAI.

Net loss for the three months ended March 31,

2023 were $5.8 million, compared with $8.4 million for the three months ended March 31, 2022.

As of March 31, 2023, CASI had cash, cash equivalents,

short term investments and long-term deposit of $44.8 million compared to $51.6 million as of December 31, 2022. Cash and cash equivalents

are expected to fund current operations beyond the first quarter of 2024.

Further information regarding the Company, including

its Quarterly Report for the quarter ended March 31, 2023, can be found at www.casipharmaceuticals.com.

About CASI Pharmaceuticals

CASI Pharmaceuticals, Inc. is a biopharmaceutical

company focused on developing and commercializing innovative therapeutics and pharmaceutical products in China, the United States, and

throughout the world. The Company is focused on acquiring, developing, and commercializing products that augment its hematology oncology

therapeutic focus as well as other areas of unmet medical need. The Company intends to execute its plan to become a leader by launching

medicines in the Greater China market, leveraging the Company's China-based regulatory and commercial competencies and its global

drug development expertise. The Company's operations in China are conducted through its wholly owned subsidiary, CASI Pharmaceuticals

(China) Co., Ltd., located in Beijing, China. More information on CASI is available at www.casipharmaceuticals.com.

Forward-Looking Statements

This announcement contains forward-looking statements.

These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995.

These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates,"

"future," "intends," "plans," "believes," "estimates," "confident"

and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as the Company's

strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements

in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in in its annual report to shareholders,

in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements

that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially

from those contained in any forward-looking statement, including but not limited to the following: the risk that we may be unable to continue

as a going concern as a result of our inability to raise sufficient capital for our operational needs; the possibility that we may be

delisted from trading on The Nasdaq Capital Market if we fail to satisfy applicable continued listing standards; the volatility in the

market price of our ordinary shares; the risk of substantial dilution of existing shareholders in future share issuances; the difficulty

of executing our business strategy on a global basis including China; our inability to enter into strategic partnerships for the development,

commercialization, manufacturing and distribution of our proposed product candidates or future candidates; legal or regulatory developments

in China that adversely affect our ability to operate in China, our lack of experience in manufacturing products and uncertainty about

our resources and capabilities to do so on a clinical or commercial scale; risks relating to the commercialization, if any, of our products

and proposed products (such as marketing, safety, regulatory, patent, product liability, supply, competition and other risks); our inability

to predict when or if our product candidates will be approved for marketing by the U.S. Food and Drug Administration, European Medicines

Agency, PRC National Medical Products Administration, or other regulatory authorities; our inability to enter into strategic partnerships

for the development, commercialization, manufacturing and distribution of our proposed product candidates or future candidates; the risks

relating to the need for additional capital and the uncertainty of securing additional funding on favorable terms; the risks associated

with our product candidates, and the risks associated with our other early-stage products under development; the risk that result in preclinical

and clinical models are not necessarily indicative of clinical results; uncertainties relating to preclinical and clinical trials, including

delays to the commencement of such trials; our ability to protect our intellectual property rights; the lack of success in the clinical

development of any of our products; and our dependence on third parties; the risks related to our dependence on Juventas to conduct the

clinical development of CNCT19 and to partner with us to co-market CNCT19; risks related to our dependence on Juventas to ensure the patent

protection and prosecution for CNCT19; risks relating to the commercialization, if any, of our proposed products (such as marketing, safety,

regulatory, patent, product liability, supply, competition and other risks); risks relating to interests of our largest shareholder and

our Chairman and CEO that differ from our other shareholders; and risks related to the development of a new manufacturing facility by

CASI Pharmaceuticals (Wuxi) Co., Ltd. Further information regarding these and other risks is included in the Company's filings with the SEC. All information

provided herein is as of the date of this announcement, and the Company undertakes no obligation to update any forward-looking statement,

except as required under applicable law.

EVOMELA is proprietary

to Acrotech Biopharma LLC and its affiliates.

CASI Pharmaceuticals, Inc.

(Financial Table Follows)

CASI Pharmaceuticals, Inc.

Unaudited Condensed Consolidated Balance

(In USD thousands, except share and per share

CASI Pharmaceuticals, Inc.

Unaudited Condensed Consolidated Statements

of Operations and Comprehensive Loss