SAN DIEGO – Cardiff Oncology, Inc. (NASDAQ:CRDF), a biotechnology firm specializing in cancer treatment, has announced amendments to its corporate bylaws and a change in its fiscal year-end. The Board of Directors approved the Amended and Restated By-laws on Sunday. The company, currently valued at $233 million, has shown remarkable momentum with a 199% return over the past year, according to InvestingPro data.
This development follows the company's continuous efforts to adapt its governance structures to better align with its operational strategies. The amended bylaws will provide a framework for the company's future operations and decision-making processes. While the company maintains a strong liquidity position with a current ratio of 4.74, InvestingPro analysis indicates the stock is currently trading above its Fair Value.
In addition to the bylaw amendments, Cardiff Oncology has also altered its fiscal year-end. However, the new fiscal year-end date was not disclosed in the press release. This change is expected to optimize the company's financial reporting cycle.
Cardiff Oncology, formerly known as Trovagene, Inc., and with a history dating back to when it was known as Xenomics Inc., has been evolving its corporate identity and strategic focus over the years. These latest amendments to its bylaws and fiscal year-end signify another step in the company's progression.
In other recent news, Cardiff Oncology has seen several significant developments. The company has received positive data from its ongoing Phase II trial of onvansertib, a drug aimed at treating RAS-mutated metastatic colorectal cancer. Piper Sandler has subsequently raised its price target for Cardiff Oncology shares from $7.00 to $10.00, maintaining an Overweight rating.
In addition to this, Cardiff Oncology announced the pricing of its public stock offering at $2.60 per share, hoping to raise approximately $40 million. The funds will be used mainly to support the clinical trial costs of onvansertib, among other corporate purposes. TD Cowen, William Blair, H.C. Wainwright & Co., and Craig-Hallum are managing the offering.
Furthermore, the company has secured a U.S. patent for the method of using onvansertib in combination with bevacizumab in the treatment of KRAS mutated metastatic colorectal cancer. This patent extends through 2043 and represents a major step in advancing onvansertib as a first-line treatment for patients with RAS mutations.
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