Can-Fite BioPharma Ltd. (CANF) shares are up 55% to $3.36 in mid-day trading after the company’s announcement of positive results from further analysis of its phase II/III Psoriasis trial. The biotechnology firm said the entire study period revealed that by 32 weeks of treatment with CF101, 33% of the patients achieved PASI 75 while the mean percent of improvement in PASI score was 57%. Most significantly, by week 32 of the study, 20% of the study patients reached PASI 90, one of the most stringent and difficult to meet clinical endpoints for measuring responses to psoriasis treatments, a result demonstrating a response rate of 90% clearing of skin lesions.
“The cumulative and linear improvement in CF101’s efficacy treating moderate to severe psoriasis over a longer period of time is a very significant finding for Can-Fite and the psoriasis treatment market,” stated Can-Fite CEO Dr. Pnina Fishman. “We are particularly encouraged by the new data that show CF101 could serve as a first-line therapy for moderate-severe psoriasis based on the higher efficacy in patients who were previously not treated with systemic therapy.”
Can-Fite BioPharma, valued at $35 million, opened at $2.78 from a previous close of $2.17. The move comes on a massive volume too with the issue currently trading more than 5.7 million shares, compared to the average volume of 268K shares.
Can-Fite BioPharma Ltd. is an Israeli-based clinical-stage biopharmaceutical firm focused on developing small molecule therapeutic products for the treatment of autoimmune-inflammatory, oncological, and ophthalmic diseases. Its stock has a median consensus analyst of $2.70 with a high target of $3.00, and a 52-week trading range of $1.85 to $5.83.