Cardiff Oncology, Inc. (NASDAQ: CRDF) stock is rising remarkably on the US stock charts today. As of the latest check, CRDF shares were up 50.31%, trading at $3.67. This outstanding accomplishment comes after important announcements that showcase the business’s clinical and financial developments.
Strategic Equity Offering
Cardiff Oncology today revealed that 15,384,619 shares of company ordinary stock will be priced at $2.60 each in a public offering. It is anticipated that this offering, which is fully supported by Cardiff, will bring in about $40 million in gross revenues with the help of both new and current investors with a healthcare emphasis.
Subject to standard closing conditions, the deal is expected to close on December 11, 2024. Along with other business requirements, CRDF hopes to use these funds to further clinical research, namely for onvansertib in the treatment of first-line RAS-mutated metastatic colorectal cancer (mCRC).
Release of Positive Clinical Trial Results
At the same time, Cardiff Oncology reported positive results from CRDF-004, a Phase 2 clinical study that assessed the safety and effectiveness of onvansertib in conjunction with standard-of-care (SoC) therapy for patients with first-line RAS-mutated mCRC. There was a strong effectiveness signal in the study as of the data cut-off date of November 26, 2024.
Interestingly, individuals who received a 30 mg dosage of onvansertib in addition to SoC had an objective response rate (ORR) of 64%, which was much higher than the 33% ORR of SoC alone.
While retaining similar safety profiles, the research also showed that individuals receiving a higher dose of onvansertib saw deeper tumor responses than those receiving a 20 mg dose. According to these results, the medication has the potential to change the way that 50,000 new RAS-mutated mCRC patients are treated each year in the US.
Future Implications and Strategic Direction
Cardiff Oncology is a formidable competitor in the cancer industry thanks to its recent equity move and encouraging clinical outcomes. With a stronger financial base and strong data proving onvansertib’s effectiveness, CRDF is still dedicated to expanding treatment choices for patients with mCRC and may perhaps establish a new standard for cancer treatment.
