Can-Fite Soars on Positive Phase 2 Developments
Biotech company Can-Fite announced development of its drug candidate CF102, which is currently in phase 2 trials for liver cancer, will be expanded into treatment for non-alcoholic steatohepatitis.
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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.
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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.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
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When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
