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Shares of Casi Pharmaceuticals Inc. CASI were up 10% in premarket trading on Friday after the company said China will allow a Phase 1 clinical trial evaluating a multiple myeloma drug developed by the privately held Cleave Therapeutics. The study is expected to start this year. Casi has a subsidiary in Beijing that supports its focus on acquiring and commercializing therapies for the Chinese market. The company’s stock is down 73.9% over the past 12 months, while the broader S&P 500 SPX has declined 19.0%.
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