Can-Fite shares fall 60% after CF101 trial results

Shares in inflammatory and cancer specialist Can-Fite (NYSE: CANF) slid more than 60% to a 52-week low of $2.16 following the announcement that its experimental CF101 did not meet its primary endpoint in a Phase II/III study.

Top-line results from the CF101 study of patients with moderate-to-severe plaque psoriasis showed that it was not associated with statistically significant improvement in symptom severity against placebo.

The Phase II/III double-blind placebo-controlled study enrolled 326 patients in 17 clinical centers. The first segment comprised three arms with 103 patients receiving either 1mg of CF101, 2mg of CF101 or placebo. All patients receiving placebo were switched to either 1mg or 2mg of CF101 after 12 weeks and continued receiving treatment until week 24. Following a positive interim analysis, Can-Fite continued to enroll patients to the second part of the study. This comprised two arms with 223 patients receiving 2mg of CF101 or placebo. All patients receiving placebo were switched to 2mg of CF101 after 16 weeks and continued receiving treatment until week 32.