Shares of the biotech Can-Fite Biopharma Ltd (NASDAQ: CANF) were skyrocketing Monday after an abstract describing data from the company's liver cancer study of the drug namodenoson was selected by the International Liver Cancer Association conference.
Can-Fite shares were rallying by 64.47 percent at $8.47 at the time of publication Monday.
A Phase 3 trial for namodenoson in advanced liver cancer is now under preparation, the company said.
Namodenoson is a small orally bioavailable drug that binds with high affinity and selectivity to the A3 adenosine receptor.
"This is a very prestigious conference that brings together the leading thought leaders, researchers, and physicians in the treatment of liver cancer. Governing members of the ILCA thoroughly research each abstract submission and select those that are most relevant to the advancement of treating liver cancer," CEO Pnina Fishman said in a statement.&
Update: On Monday afternoon, Can-Fite reported a $6 million registered direct offering.
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