Can-Fite Posts $9.6M Net Loss, Provides Clinical Trials Updates

Can-Fite BioPharma Ltd. CANF reported Friday its full-year 2019 financial results, showing a net loss of $9.59 million, versus a loss of $6.57 million in 2018. The company's revenue for 2019 hovered $2 million, compared to $3.8 million for the prior year.

The decrease in revenue was mostly because of a $2 million advance payment connected to the license, collaboration and distribution agreement with CMS Medical, the company said.

At the end of the year, Can-Fite held cash and cash equivalents of $2.7 million, which compares to $3.6 million at the end of 2018.

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The Israel-based clinical-stage drug development company highlighted several important operational milestones achieved in the recent period. Among these is the submission of its anti-rheumatic and anti-viral drug Piclidenoson to the Institutional Review Board at Rabin Medical Center for a compassionate use program to help patients affected with coronavirus.

Can-Fite explained that various rheumatoid arthritis drugs are currently being tested for the treatment of COVID-19, while China has already authorized the application of Roche’s Actemra to treat coronavirus.

The Israel-based company also projects to declare ‘top-line results’ from Phase II Namodenoson trial for NASH in April, and interim results from the Phase III Piclidenoson trial for rheumatoid arthritis during the fourth quarter of 2020.

Furthermore, Can-Fite noted that during 2019 it has raised $9.2 million via equity offerings.

“We are focused on delivering our advanced stage drug candidates to meet the immediate medical needs of patients who lack safe and effective treatments to life threatening conditions,” Can-Fite CEO Pnina Fishman said in a statement.

Can-Fite’s shares were trading 1.41% lower at $1.33 per share on Friday morning.

Photo courtesy of Can-Fite.