Shares of biopharmaceutical company Can-Fite BioPharma (NYSE:CANF) are on the rise today after it announced plans for an investigational new drug (IND) submission with the U.S. Food and Drug Administration for namodenoson for the treatment of pancreatic carcinoma.
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The drug has demonstrated a robust anti-proliferative effect on pancreatic cells in preclinical studies with growth inhibition reaching 90%. Now, the company plans to initiate a Phase 2 study to evaluate the safety and efficacy of the drug at a twice-a-day dose of 25 mg.
The company is also enrolling subjects in a Phase 3 study for the treatment of hepatocellular carcinoma. Dr. Pnina Fishman, the CEO of the company commented, “Once this study is underway, Can-Fite’s pipeline will include two oncology indications with Namodenoson in clinical trials.”
In the U.S., the survival rate in pancreatic cancer patients is at five years with global deaths from the disease pegged at about 466,000 in 2020.
Shares of the company have now gained nearly 6.5% over the past five sessions.
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