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.
