Business & Finance
Can-Fite posts lower net loss of ILS19.56m for nine months ended 30 September 2016
28 November 2016 -

Biotechnology company Can-Fite BioPharma (NYSE MKT:CANF) (TASE:CFBI) stated on Friday that it recorded a net loss of ILS19.56m for the nine months ended 30 September 2016.

This is a decline in net loss when compared with a higher net loss of ILS20.53m for the same period in 2015. The decrease in net loss for the first nine month of 2016 was primarily attributable to an increase in financial income, net offset by an increase in research and development expenses.

Revenues of ILS0.64m were collected for the nine months ended 30 September 2016 , up over revenues of ILS0.54m in the first nine months of 2015. The increase in revenue was due to the recognition of a portion of the upfront payment received in March 2015 under the distribution agreement with Cipher Pharmaceuticals.

Research and development expenses of ILS15.45m were recorded for the nine months ended 30 September 2016 from R&D expenses of ILS9.58m for the same period in 2015. Research and development expenses for the first nine months of 2016 comprised primarily of expenses associated with the Phase II study for CF102, preclinical study for CF602, as well as expenses for ongoing studies of CF101. The increase is due to costs associated with preparations of the aforementioned studies.

According to the company, it has received the EMA clearance to begin its Phase III Trials in Rheumatoid Arthritis & Psoriasis in 2017. Piclidenoson is being developed as a first line therapy and replacement for the current gold standard, Methotrexate (MTX), the most widely used drug for rheumatoid arthritis. It will also investigate the efficacy and safety of Piclidenoson compared to placebo as its primary endpoint in approximately 400 patients with moderate-to-severe plaque psoriasis.

(USD1.00 = ILS3.86484)

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