In a July 6 research note, Dawson James analyst Jason Kolbert provided an update on Can-Fite BioPharma Ltd. (CANF:NYSE.MKT).
The Israel-based firm recently raised $3.4 million in capital, which Kolbert wrote is sufficient to get it through its upcoming catalysts. He expects additional raises in the future, however and added that "investors need to balance the raises against scientific progress."
He reported on what is new with Can-Fite's primary drug candidates, Namodenoson and Piclidenoson.
"Both hold great promise as alternative therapies with what appears to be a more favorable side effects profile," commented Kolbert.
Additional Phase 2 data are available for Namodenoson in liver cancer, and they "shine," Kolbert noted. Results showed that overall liver fat volume decreased with a high significance in patients who received Namodenoson versus those who received a placebo.
Also statistically significant was the percentage of fat volume decrease. Among the cohort that was treated with Namodenoson 12.5 milligrams (12.5 mg), the decline was 3.68%, and among the group that got 25 mg of Namodenoson, it was 4.33%. These compare to the 2.61% decrease among the placebo patients.
Next for Namodenoson is a Phase 3 pivotal trial, the design for which the U.S. Food and Drug Administration approved. Currently, the European Medicines Agency is reviewing the study protocol and registration plan.
Regarding Piclidenoson, enrollment now is about half complete for both of the Phase 3 pivotal trials, the ACROBAT study in moderate to severe rheumatoid arthritis and the COMFORT study in psoriasis.
Kolbert concluded, "Piclidenoson results in not one but two studies (ACROBAT and COMFORT) are coming, and there is even data in COVID. As a result, we would hold on, and let's get to the data."
Dawson James has a Buy rating and a $7 per share target price on Can-Fite BioPharma, which is now trading at about $1.83 per share.
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Disclosures for Dawson James Securities, Can-Fite BioPharma Ltd., July 6, 2020
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