Health and Healthcare
Can-Fite Soars on Positive Phase 2 Developments
Published:
Last Updated:
Can-Fite BioPharma Ltd. (NYSEMKT: CANF) is leading the bulls in Monday’s session on positive developments from a phase 2 trial. The company announced development of its drug candidate CF102, which is currently in phase 2 trials for hepatocellular carcinoma (HCC) the most common form of liver cancer, will be expanded into treatment for non-alcoholic steatohepatitis (NASH).
For some background, NASH is characterized by excess fat in the liver along with inflammation and liver damage. It resembles alcoholic liver disease; however, it occurs in people who drink little or no alcohol.
CF102 revealed its capability to improve liver pathology in a NAFLD (non-alcoholic fatty liver disease)/diabetes animal model of NASH.
It is also worth mentioning that Can-Fite currently has a U.S. Investigational New Drug (IND) application active with the U.S. FDA for CF102. CF102 is currently being evaluated as a second-line treatment for HCC through a global Phase II trial. The company has received Orphan Drugs Designation for CF102 for this indication in Europe and the U.S., as well as Fast Track Status in the U.S. Data from the phase 2 HCC study is expected in 2016.
ALSO READ: Mallinckrodt Impresses on Top and Bottom Line Results
Dr. Pnina Fishman, CEO of Can-Fite, commented on the trial:
Results from our recently concluded preclinical study of CF102 in liver disease revealed compelling data. Based on these findings, we’ve filed a patent for CF102 in the treatment of NASH. Because the prevalence of NASH continues to grow and no treatment currently exists, our data support the development of CF102 for the treatment of NASH.
By 2025, Deutsche Bank estimates the addressable pharmaceutical market for NASH will reach $35-40 billion.
So far in 2015, Can-Fite has underperformed the market and the stock is down 24% year to date compared to Friday’s close. Over the past 52-weeks the stock is down 34%.
Shares of Can-Fite were last trading up 33% at $3.52, with a consensus analyst price target of $4.00 and a 52-week trading range of $1.46 to $7.85.
Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
