Can-Fite BioPharma Rises 17% After Pancreatic-Cancer Drug Gets Orphan Designation

Dow Jones10-10

By Jasmine Li

Can-Fite BioPharma shares climbed Wednesday after the Food and Drug Administration granted orphan drug designation to Namodenoson, its drug candidate for pancreatic cancer.

Shares were recently up 17%, to $2.38, retreating from an earlier high of $2.41. The stock has rebounded from touching a 52-week low on Oct. 3. The Ramat Gan, Israel-based company trades on the New York Stock Exchange.

Can-Fite said it is preparing for a Phase II study with about 20 patients with advanced pancreatic adenocarcinoma whose disease worsened on first-line therapy. Patients will receive oral Namodenoson twice daily, for consecutive 28-day cycles, the company said.

Can-Fite aims to commence the study by the end of the year, CEO Motti Farbstein said.

Pancreatic cancer has the lowest survival rate in the U.S., according to the American Cancer Society. The FDA's website currently lists 20 approved drugs for the disease.

Write to Jasmine Li at jasmine.li@wsj.com

(END) Dow Jones Newswires

October 09, 2024 15:13 ET (19:13 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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