Can-Fite BioPharma Ltd. (NYSEAMERICAN: CANF) is having an overwhelmingly strong start to the trading session this morning after the company announced news surrounding a Phase II clinical trial. Of course, the update was positive, exciting investors and sending the stock on a run for the top. Today, we’ll talk about:
- The clinical update;
- what we’re seeing from CANF as a result; and
- what we’ll be watching for ahead.
CANF Announces Clinical Update
As mentioned above, Can-Fite BioPharma is having a great start to the trading session this morning after the company provided a clinical update. The update, surrounding its Phase II clinical trial of Namodenoson (CF102) in the treatment of advanced hepatocellular carcinoma (HCC) was provided in a press release early this moring.
In the release, CANF reminded investors that the global Phase II study is being conducted in the United States, Europe and Israel. In the study, patients with advanced HCC, Child Pugh B, who have failed Nexavar as a first line treatment are being treated with twice daily 25mg oral Namodenoson or placebo at a 2:1 ratio with a primary endpoint of improvement in overall survival. The secondary endpoints on the trial include Progression Free Survival, safety, and the relationship between outcomes and A3AR expression.
CANF said that of the 78 subjects that were originally enrolled in the trial, 19 have completed at least 12 cycles of treatment and 3 have completed 24 cycles. In fact, the longest treated subject in the study has been receiving the medication for nearly 3 years. In the release, the company said that accumulated safety data continues to indicate a favorable, with no clinical significant novel or emerging events attributed to chronic treatment with Namodenoson. In a statement, Michael Silverman, MD, FACP, Medical Director at CANF, had the following to offer:
While the final analysis of this trial, based on survival, has been delayed past our original projections, we are very happy that the reason for this is the unexpected longevity of patients enrolled into this trial. Historically, HCC patients who have failed treatment with sorafenib and are Child Pugh B, have very limited life expectancy. Although the trial data are still blinded, we are encouraged by the unexpectedly long survival for some patients and hope that this will translate into a survival advantage for the Namodenoson group over the placebo group, and a critical advance for treating patients with HCC.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start working in the market is that the news causes moves. In the case of Can-Fite BioPharma, the news proved to be overwhelmingly positive. After all, there are few bits of information that will excite biotechnology investors more than positive clinical updates. So, it’s no surprise to see that the stock is making its way to the top at the moment. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:37), CANF is trading at $1.36 per share after a gain of $0.13 per share or 10.57% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on CANF. In particular, we’re interested in following the story surrounding Namodenoson as the treatment seems to be progressing smoothly in the Phase II trial. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!