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By Adam L. Cataldo
Cardiff Oncology’s shares climbed after the company said it would advance its lead program–a possible treatment for colorectal cancer–and expanded its relationship with Pfizer.
The shares rose 26%, to $1.96, on volume that was more than seven times the 52-week average. The stock is up 40% this year. Based in San Diego, Cardiff Oncology is a clinical-stage biotechnology company working to develop therapies across a range of cancers.
The company said after the market closed on Monday that it is preparing to move its lead program to the first-line setting of metastatic colorectal cancer, and that the trial will begin this fall. It plans to conduct a CRDF-004 trial with study execution support from Pfizer Ignite, a new end-to-end service for biotechnology companies. Pfizer made an equity investment in Cardiff Oncology in 2021.
There are an estimated 48,000 new patients in the U.S. annually in the first-line RAS-mutated mCRC setting for whom there are no ongoing clinical trials and no new treatments approved in the past 20 years, Cardiff Oncology said.
Write to Adam Cataldo at [email protected].
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