Shares of the Can-Fite BioPharma Ltd. (CANF) stock soared in premarket today on December 20, 2021. CANF stock price saw a surge of 89.76% to reach $2.41 a share at the time of this writing. The stock was also green in the previous trade and went high by12.89% at closing. Let’s understand the reason behind this rally.
What’s Happening?
Investors are responding positively to the CANF stock after the company announced the completion of treatment of its last patient with Namodenoson in phase II study under an Open-Label Extension program. Namodenoson is intended to treat hepatocellular carcinoma (HCC), which is the most common form of liver cancer. The patient showed the complete response to the drug of Can-Fite which means all cancer lesions have cleared.
The patient under the treatment survived five years. Namodenoson showed various clinical benefits which include the disappearance of ascites, normal functionality of the liver, and peritoneal carcinomatosis. These results supported the fact of clearance of all cancer lesions. This development is a positive sign for the shareholders of CANF stock.
What’s Next?
Can-Fite is anticipating the enrollment of patients in the pivotal Phase III trial for Namodenoson in the first quarter of 2022. The trial will include the patients with advanced HCC with underlying Child-Pugh B7 (CPB7) cirrhosis. This will support the new drug application submission and approval. Both European Medicines Agency and U.S Food and Drug Administration are happy with the 471-patient study design.
Recently the company announced that the Phase III Comfort™ 16-week treatment with Piclidenoson of 400 psoriasis patients is expected to complete at the beginning of the upcoming year. Can-Fite hopes to announce the topline results in the first quarter of 2022.
Financial View of CANF stock:
In the last week of the previous month, Can-Fite announced third quarter 2021 financial results according to which
Revenue in the first nine months of 2021 was $0.65 million as compared to $0.61 million in the same period of the previous year. The company spent $6.75 million in research and development expenses in the nine months ended September 2021. General and administrative expenses were $2.71 million in the first nine months of 2021.Net financial income of the CANF for the nine months ended September 2021 was $0.31 million. Net loss in the same period was $8.49 million as compared to $10.81 million in 2020. By the end of the third quarter of 2021, CANF had $13.3 million in cash, cash equivalents, and short-term deposits.
