PETACH TIKVA, Israel - Can-Fite BioPharma (NYSE:CANF) Ltd. (NYSE American: CANF) (TASE:CANF), a biotech firm focused on developing small molecule drugs for cancer and inflammatory diseases, has received a Notice of Allowance from the European Patent Office for its erectile dysfunction (ED) treatment patent. This patent pertains to the CF602 drug candidate, which is being considered as an alternative treatment for ED, particularly for diabetic patients who may not respond to existing medications.
Current ED treatments, such as Viagra and Cialis, are ineffective for an estimated 30% to 35% of patients, with diabetics often unable to use these drugs. Can-Fite's CF602, which targets the A3 adenosine receptor (A3AR), has shown promise in preclinical studies, including the restoration of erectile function and improvements in arterial blood flow and endothelial cell function.
The company's CEO, Motti Farbstein, expressed optimism about CF602's potential, citing strong intellectual property and positive preclinical data as a foundation for further development. The ED market is projected to grow to approximately $6.6 billion by 2030.
Can-Fite's portfolio also includes Namodenoson, an A3AR agonist in advanced clinical trials for various cancers and liver diseases. The company has emphasized Namodenoson's selectivity for A3AR, which is highly expressed in diseased cells, as a factor in the drug's favorable safety profile.
The information in this article is based on a press release statement. Can-Fite's forward-looking statements reflect the company's expectations but are subject to known and unknown risks and uncertainties that could cause actual results to differ materially. These include funding challenges, regulatory approvals, market acceptance of product candidates, intellectual property protection, competition, and the impact of the COVID-19 pandemic and regional conflicts. Can-Fite does not undertake any obligation to update forward-looking statements.
InvestingPro Insights
As Can-Fite BioPharma Ltd. advances its pipeline with the promising CF602 drug candidate for erectile dysfunction, financial metrics and expert analysis from InvestingPro provide a deeper look into the company's current standing. With a Price to Book (P/B) ratio of 1.73 as of the last twelve months of Q4 2023, Can-Fite appears to maintain a reasonable valuation in terms of its net asset value. However, the company's financial health is a mixed picture, with a notable Revenue decline of 8.27% during the same period, indicating potential challenges in its operational performance.
InvestingPro Tips highlight that while Can-Fite holds more cash than debt, signaling a stable balance sheet, it is also quickly burning through its cash reserves. This is a crucial point for investors, as the company's ability to finance its operations without incurring additional debt is essential for its long-term sustainability. Furthermore, analysts do not expect the company to be profitable this year, which is consistent with the company's operating income margin of -1102.96%, reflecting significant operational costs relative to its revenue.
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