RAMAT GAN, Israel - Can-Fite BioPharma (NYSE:CANF) Ltd. (NYSE American: CANF) (TASE: CFBI), a biotechnology firm, reported through its veterinary partner Vetbiolix that a clinical study on dogs with osteoarthritis showed positive results from the treatment with Piclidenoson. Vetbiolix, responsible for the veterinary clinical development costs, has successfully completed an interim analysis of the multicenter study.
The study evaluated the effects of a 90-day treatment with two dosages of Piclidenoson, administered orally twice daily to dogs suffering from osteoarthritis. The primary goal was to assess symptom severity through the Liverpool OsteoArthritis in Dogs (LOAD) questionnaire, focusing on the dogs' mobility. Secondary objectives included pain assessment by pet parents using the Visual Analog Scale (VAS) and by veterinarians using the Numerical Rating Score (NRS) for lameness and pain. The results indicated a significant improvement in clinical status and pain reduction, particularly with the higher 500 µg/kg dose.
This development comes as the canine osteoarthritis market is projected to reach $3 billion by 2028. Current treatments for the condition are limited to oral non-steroidal anti-inflammatory drugs (NSAIDs), which only address symptoms and can have harmful side effects, and an injectable drug targeting disease progression.
Dr. Pnina Fishman, Can-Fite's CSO, expressed optimism about Piclidenoson's potential as a safe and effective treatment for this unmet clinical need. The positive study outcome may expedite Piclidenoson's market entry, providing benefits to canines and potentially generating near-term revenue for Can-Fite.
Piclidenoson, an A3 adenosine receptor agonist, has shown a favorable safety and efficacy profile in a Phase III clinical study for psoriasis. Can-Fite's broader drug development efforts include treatments for cancer, liver, and inflammatory diseases, with several candidates in advanced clinical stages.
In other recent news, Can-Fite BioPharma Ltd. has made significant advancements in drug development and clinical trials. The company's drug candidate, Namodenoson, has received Fast Track and Orphan Drug designations from the U.S. Food and Drug Administration (FDA) for the treatment of advanced liver cancer and is currently undergoing a pivotal Phase III trial. The drug has also gained Investigational New Drug (IND) clearance from the FDA, enabling the inclusion of U.S. patients in an ongoing Phase IIb trial for metabolic dysfunction-associated steatohepatitis (MASH).
In addition, Can-Fite has received a Notice of Allowance from the European Patent Office for its erectile dysfunction (ED) treatment patent, related to the CF602 drug candidate. The company has also expanded its agreement with Ewopharma to include marketing rights for Namodenoson in treating pancreatic carcinoma.
Namodenoson's anti-cancer and liver-protective effects have been found to be mediated through the signaling protein adiponectin, which is known for its role in anti-inflammatory and metabolic processes. The drug targets the A3 adenosine receptor (A3AR), which exhibits high expression in diseased cells but low expression in normal cells. This selectivity is believed to contribute to the drug's favorable safety profile.
InvestingPro Insights
As Can-Fite BioPharma Ltd. (NYSE American: CANF) announces positive developments from its clinical study on dogs with osteoarthritis, investors may consider the financial health and market performance of the company. According to InvestingPro, Can-Fite holds more cash than debt on its balance sheet, which could provide financial flexibility in advancing its drug development pipeline. Additionally, the company has experienced a strong return over the last three months, reflecting a positive market response that could be attributed to its ongoing clinical successes.
Real-time data from InvestingPro indicates that Can-Fite's Price/Book ratio stands at 2.11, suggesting that the market values the company at a little over twice its book value. The Revenue for the last twelve months as of Q4 2023 is reported at 0.74M USD, with a Gross Profit Margin of 100%, highlighting the company's ability to retain its entire revenue as gross profit during this period. However, it's important to note that the Operating Income Margin is significantly negative at -1102.96%, reflecting high operational costs relative to revenue.
For investors seeking a deeper dive into Can-Fite's performance and potential, InvestingPro offers additional insights. There are seven more InvestingPro Tips available, including analyses of the company's cash burn rate and profitability expectations. Interested readers can explore these valuable tips to inform their investment decisions, and with the use of coupon code PRONEWS24, they can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.