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  • Can-Fite BioPharma Ltd. (CANF) Stock Nose-diving in Premarket, Here’s the Reason.

    Can-Fite BioPharma Ltd. (CANF) Stock Nose-diving in Premarket, Here’s the Reason.

    Can-Fite BioPharma Ltd. (CANF) is a novel biotechnology company. The company produces drugs used in cancer, and liver, treatment. The pipeline candidate of the company is Piclidenoson, in Phase 3 trials for treating psoriasis. Another pipeline candidate is Namodenoson, in Phase 3 clinical trials for treating liver cancer.

    The price of CANF stock in the regular trading session of March 7, 2022, was $1.11 with a significant decline of 0.89%. Its stock nose-dived further by 8.87%, at the last check of the pre-market on March 8, 2022.

    CANF: Events and Happenings

    On March 8, 2022, CANF reported its top-line data from Phase 3 trials of Piclidenoson is planned to be released in the second quarter of 2022 as a result of unexpected interruption in the data collection. The trials registered approximately 400 patients across different sites.

    On January 31, 2022, CANF updated on the preliminary patient enrollment in Phase 2 trials Namodenoson for the treatment of NASH. The chief efficacy objective of the study is an assessment of its efficacy in comparison to placebo in 140 patients with NASH, as demonstrated by a histological endpoint. On January 13, 2022, CANF announced that pre-clinical trials of Piclidenoson in human skin cells, modeling psoriasis showed the destruction of the pathological skin cells.

    CANF: Key Financials

    On November 26, 2021, CANF released its consolidated financial statement for the third quarter and nine months of 2021 ended September 30, 2021. Some of the key highlights are mentioned below.

    Revenue

    Total revenue in the first nine months of 2021 was $0.65 million against $0.61 million for the comparable period in 2020. The company recorded an improvement of $0.04 million in its revenue YoY.

    EPS

    Basic and diluted net loss per share in the first nine months of 2021 was $8.4 million or $0.02 comparable to $10.8 million or $0.04 in the corresponding period of 2020. The company observed a considerable decline in its net loss YoY.

    Conclusion

    CANF stock is 39% and 23% declined over the past year and year-to-date respectively. The continuous drop of the stock is caused as a result of the pandemic. The current premarket stock drop is likely due to delayed results of Phase 3 trials of Piclidenoson. For the upcoming quarter, the analysts estimate the revenue of $266.6 thousand versus -$0.18 EPS.

  • Patent Application Filings: Can-Fite BioPharma Ltd. (CANF) Bullish Today

    Patent Application Filings: Can-Fite BioPharma Ltd. (CANF) Bullish Today

    On Wednesday, Can-Fite BioPharma Ltd. (CANF) announced filing new patent applications in various countries based on new clinical data. The company is filing applications for the treatment of all advanced solid tumors. Following the announcement, CANF stock became bullish current market at a heavy volume.

    During the previous market session, the stock witnessed a negative change of 3.82% at $1.26. At the time of writing, CANF was up by 9.92% at $1.38 today.

    The biopharmaceutical company, Can-Fite BioPharma Ltd. has a market capitalization of $37.46 million. Currently, the company has 27.19 million shares outstanding in the market.

    CANF’s New Patent Applications

    As per December 29’s announcement, CANF is filing new patent applications in many countries. These pending applications will add to the company’s extending IP portfolio. These latest applications are based on the positive new clinical data of Namodenoson.

    Namodenoson is the company’s oral, bioavailable drug that has high affinity and selectivity to A3AR.

    New Clinical Data of Namodenoson

    The company had been studying and evaluating Namodenoson in the treatment of hepatocellular carcinoma (HCC). HCC is the most common form of liver cancer. Moreover, after the conclusion of its Phase II, CANF also conducted an Open-Label Extension program of the study. Furthermore, the company recently announced the successful treatment and Complete Response (CR) achievement in the last patient of the Extension program. In other words, CANF’s drug cleared all cancer lesions in the liver of the cancer patient.

    CANF’s Upcoming Plans

    The company plans on initiating enrollment of patients in its Phase III trial in the first quarter of 2022. Moreover, the trial will evaluate Namodenoson in advanced HCC patients with underlying Child Pugh B7 cirrhosis. Furthermore, the new phase trial will be initiated to support the submission and approval of Namodenoson’s New Drug Application (NDA).

    Currently, CANF has about 200 patents and pending patent applications in its IP portfolio.

    Financial Data

    On November 26, the company declared its financial results for the nine months ended on September 30.

    CANF had revenues of $0.65 million in the first nine months of 2021, against $0.61 million in the year-ago period.

    Moreover, the net loss was $8.49 million in the first nine months of 2021, against $10.81 million in the same period of the previous year.

    In addition, the company ended the period with cash, cash equivalents, and short-term deposits of $13.3 million.

  • The Can Fite Biopharma Inc. (NASDAQ: CANF) stock rises 78%. Here’s what’s happening

    Can Fite Biopharma Inc. (NASDAQ: CANF) stock showed a 3.03% gain during the last trading close while the stock is showing a hike of 77.94% in the pre-market after CANF today signs $42.7 million out-licensing deal with Ewopharma which is a pharmaceutical marketing organization that helps pharma companies to access markets in CEE and Switzerland? Can-Fite is a drug development company of advanced clinical stage with a platform technology that is designed to direct multibillion-dollar markets in the treatment of cancer, liver, inflammatory disease, and COVID-19.

    What the deal is all about?

    CANF has signed a very significant agreement with Ewopharma which is a Switzerland based company mainly for its two important drugs that are Piclidenoson for the treatment of psoriasis and Namodenoson for the treatment of liver diseases such as carcinoma (HCC) the most common form of liver cancer and nonalcoholic steatohepatitis (NASH). The terms and conditions under which the agreement has been signed are as follows:

    • Ewopharma will have to pay $2.25 million to Can-Fite with an additional $40.45 million upon achieving the set regulatory and sale goals. Ewopharma will also pay 17.5% royalties on net sales.
    • In return, Ewopharma will get an exclusive right to market and sell Piclidenoson in Central Eastern European (CEE) countries and Namodenoson in CEE countries and Switzerland.
    • Ewopharma is also authorized to broaden the distribution agreement to new indications that Can-Fite may identify for its drug candidates.

    Future Benefits

    The VP Business Development of Can-Fite said that CANF is foreseeing an amazing outcome through this agreement with Ewopharma. The deal will bring Can-Fite non-dilutive funding, and after getting regulatory approval, it will give their products the immediate access and distribution in the European market.

    While for Ewopharma it will complement and bring a change in their portfolio in gastroenterology, oncology, and immunology and ensuring Ewopharma’s long-standing commitment to its entire region.