The share price of Can-Fite BioPharma Ltd. (TASE:CFBI) plummeted yesterday after the company announced that its Phase II/III psoriasis trial for its drug candidate CF101 did not achieve its primary endpoint. In fact, the share price began to slide even before the announcement.
According to the company's announcement, the patients given CF101 in the trial did not show significant improvement in their condition in comparison with the patients given a placebo.
"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," Can-Fite CEO Dr. Pnina Fishman said.
Can-Fite closed 60.29% lower on Wall Street yesterday, at $2.20, giving the company a market cap of 19.63 million. On the Tel Aviv Stock Exchange this morning, Can-Fite's share price is currently NIS 4.60, which at a conversion rate of two for the NYSE listed security gives a dollar price of %2.30.
Can-Fite's share price rose strongly last week after the company announced a distribution agreement for CF101 with Canadian company Cipher.
Published by Globes [online], Israel business news - www.globes-online.com - on March 31, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015