Can-Fite reaches 50% enrollment milestone in pancreatic cancer trial

RAMAT GAN, ISRAEL - Can-Fite BioPharma Ltd. (NYSE American:CANF) (TASE:CANF), a micro-cap biotech company with a market capitalization of $11.9 million, announced Wednesday it has reached over 50% enrollment in its Phase 2a trial evaluating Namodenoson for pancreatic cancer. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 4.38, indicating sufficient resources to fund its clinical programs.

The multicenter, open-label trial is enrolling patients with advanced pancreatic adenocarcinoma whose disease has progressed following at least one line of prior therapy. Participants receive oral Namodenoson at a dose of 25 mg twice daily in continuous 28-day cycles.

According to the company’s press release statement, the primary endpoint of the study is safety, with additional evaluation of clinical activity and pharmacokinetics. To date, Namodenoson has demonstrated a favorable safety profile in the trial.

"This milestone reflects the strong interest among both investigators and patients in exploring Namodenoson as a potential treatment for one of the deadliest and most aggressive cancers," said Pnina Fishman, Chief Scientific Officer of Can-Fite BioPharma.

The study is being led by Prof. Salomon Stemmer at the Davidoff Center, Rabin Medical Center in Israel.

Namodenoson is a selective A3 adenosine receptor agonist that has shown anti-tumor activity in preclinical pancreatic cancer models. The drug has received Orphan Drug Designation from the U.S. Food and Drug Administration for pancreatic cancer treatment.

Beyond pancreatic cancer, Namodenoson is also being evaluated in clinical trials for advanced liver cancer, including a Phase III trial for hepatocellular carcinoma and a Phase 2b trial for the treatment of MASH. With analyst price targets ranging from $4.50 to $10.00 per share, significantly above current trading levels, investors can access detailed financial analysis and 8 additional ProTips through InvestingPro’s comprehensive coverage of Can-Fite BioPharma.

In other recent news, Can-Fite BioPharma announced the pricing of a public offering that is set to generate $5 million in upfront proceeds. The offering includes the sale of 8,333,333 American Depositary Shares (ADSs) or pre-funded warrants to a single institutional investor at $0.60 per unit. Additionally, there are short-term warrants available to purchase up to 16,666,666 additional ADSs at the same price. If these accompanying warrants are fully exercised, the company could potentially raise an additional $10 million. These developments are part of Can-Fite BioPharma’s efforts to secure funding for its ongoing projects. This move highlights the company’s strategy to leverage public offerings for capital generation. The recent offering aligns with the company’s broader financial activities and goals.

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