Can-Fite Biopharma Ltd (NYSE: CANF) has been gaining steadily for the last few days. At the time of writing, the stock is up by 31.12% to trade at $3.36. Its upside momentum is driven by positive sentiment after it announced Q3 results. The company announced revenues of $1.84 million for the quarter ending 30th September. While this is lower than its revenues for the same quarter last year, the company attributed it to an advance payment received following a distribution agreement the company entered into with CMS medical.
However, the kicker comes from the company’s announcement that it’s phase II meeting with the FDA had been a success. The trial was for Namodenoson a treatment for hepatocellular cancer, one of the most common forms of liver cancer. The company stated that, the FDA had agreed with the proposed phase III to support the new treatment. It further added that, phase III was in its final stages as per the guidance of the FDA, and that the study will start in H2 of 2020.
Namodenoson is part of the company’s program for treating HCC patients under the compassionate use program. Through this program, patients are treated with Namodenoson after all other treatment options have been exhausted and no longer tenable. In conducting phase II, the company enrolled 60 patients suffering from Non-Alcoholic Fatty Liver Disease.
Looking at the charts, CANF is responding positively to these news. It opened Friday’s trading session with a gap up and has been gaining. Volumes are quite high too, and stand at 5.46 million in the day. At the time of writing, the company is trading between highs of $3.82 and lows of $3.17.
About Can-Fite Biopharma Ltd
Can-Fite Biopharma Ltd is a biopharma that makes small molecule therapies for treating cancer and other inflammations of the liver. The company’s lead candidate is Piclidenoson, which is a treatment for rheumatoid arthritis.