Can-Fite BioPharma Ltd. (CANF) shares plunged more than 55% in early trade Monday, after the company announced that its Phase II/III psoriasis trial for the company’s drug candidate CF101 did not achieve its primary endpoint.
“We are disappointed that our trial did not meet its primary endpoint. Regretfully, in the PASI 75 and PGA we did not see any real effect in patients over placebo. We have not yet completed our analysis of secondary endpoint and sub-group analysis and intend to complete it in the near future. Can-Fite is continuing its research and development efforts in relation to its drugs and indications in the pipeline.” stated Can-Fite CEO Dr. Pnina Fishman.
CANF shares recently lost $3.11 to $2.43. Approximately 1.4 million shares have already changed hands, compared to the stock’s average daily volume of 225K shares.
In the past 52 weeks, shares of Petah-Tikva, Israel-based clinical-stage biotechnology firm have traded between a low of $2.29 and a high of $6.24. Shares are up 4.73% year-over-year and 58.29% year-to-date.