In an Aug. 27 research note, DawsonJames Securities analyst Jason Kolbert recapped Can-Fite BioPharma Ltd.'s (CANF:NYSE.MKT) clinical and preclinical progress during Q2/21.
As for updates on the biopharma's clinical trials, Kolbert relayed, Can-Fite achieved 75% enrollment for its Phase 3 COMFORT psoriasis study. Complete enrollment is expected soon, with release of topline results to follow in the subsequent quarter. COMFORT aims to show Can-Fite's drug candidate Piclidenoson is effective and at least comparable to apremilast (Otezla) as a treatment for moderate to severe plaque psoriasis.
Regarding Can-Fite's Phase 2 COVID-19 trial, the biopharma commenced an expansion in Israel and Europe. The plan is to add 40 patients.
During Q2/21, Can-Fite continued gearing up for its pivotal Phase 3 liver cancer study slated to commence in Q4/21. The study will evaluate another of the company's drug candidates, Namodenoson, in hepatocellular carcinoma in accordance with a protocol approved by the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA).
"Should the study meet its efficacy endpoint and be approved by the FDA and EMA, Namodenoson would become one of only a few drugs available to treat advanced liver cancer patients," Kolbert wrote.
Also for liver disease, in which A3AR is overexpressed, Can-Fite has developed cannabinoid-based treatments that hold promise as a potential treatment. In Q2/21, the company filed patents to protect that intellectual property.
Regarding Can-Fite's Phase 2b study of Namodenoson in the treatment of nonalcoholic steatohepatitis, the Israeli Ministry of Health gave the green light to proceed. Thus, the trial is scheduled to start sometime in Q3/21, one quarter earlier than anticipated.
Lastly, a recent preclinical study in rats showed Can-Fite's drug candidate CF602, applied topically for erectile dysfunction, led to statistically significant improvement versus controls.
In terms of finances, Can-Fite spent $3 million ($3M) during Q2/21 and ended the quarter with $7.5M. Subsequently, in August, the company held a $10M offering.
DawsonJames has a Buy rating and a $5 per share target price on Can-Fite BioPharma, the shares of which are currently trading at about $1.87 apiece.
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