CAN-FITE BioPharma Ltd. (NYSEAMERICAN: CANF) is having a relatively strong start to the trading session this morning, and for good reason. The company provided an update with regard to new pre-clinical data supporting an ongoing Phase II clinical study. Of course, the positive news excited investors who are pushing the stock upward in the market this morning. Today, we’ll talk about:
- The preclinical data;
- what we’re seeing from CANF as a result; and
- what we’ll be watching for with regard to the stock ahead.
CANF Heads Up On Preclinical Data
As mentioned above, Can-Fite BioPharma is having an incredibly strong start to the trading session this morning after the company announced new preclinical data. In a press release issued early, the company provided an update on new pre-clinical data that supports the selection fo the primary endpoint of the ongoing Phase II study the company is working on in NAFLD/NASH patients.
In the release, CANF said that the data came from a recently signed collaborative research agreement with Hadassah Medical School. The research is being directed by Rifaat Safadi, M.D., Head of the Liver Unit of the Gastroenterology and Liver Diseases center with the Division of Medicine at Hadassah Medical Center. Dr. Safadi is also the Professor of Internal Medicine, Bowel, Liver Disease, and Metabolic Syndrom at Hebrew University in Israel.
During the research, Namodenoson had a highly significant effect against inflammation, necrosis, fibrosis and bilary hyperplasia, when treating animalls orally that suffered from non-alcoholic steatohepatitis. In particular, the data showed dramatic reductions in the ALT and AST enzymes with some reversing to normal values upon treatment of the NASH bearing animals with Namodenoson. In a statement, Dr. Safadi had the following to offer with regard to the treatment CANF is working to develop:
These data are very encouraging in light of the fact that the drug has been administered orally and induced robust effect on liver enzyme levels… ALT is the primary end point of the current ongoing Phase II study based on former pre-clinical data and the current results support and strengthen our belief that we will be able to see similar data in the patients.
What We’re Seeing From The Stock
With the overwhelmingly positive news surrounding CAN-FITE BioPharma, it’s no surprise that excited investors are pushing the stock for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:23), CANF is trading at $1.37 per share after a gain of $0.08 per share or 6.20% thus far today.
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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 the company’s ongoing work to bring Namodenoson to the market and we’re excited to see the results of the Phase 2 clinical trial following these preclinical results that further validate the company’s efforts. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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