Cardiff Oncology’s shares received a significant boost as the company announced its plans to advance its lead program, a potential treatment for colorectal cancer. In addition, the company has expanded its partnership with Pfizer, leading to increased investor interest.
The shares experienced a remarkable 26% increase, reaching $1.96, with trading volume surpassing the 52-week average by more than seven times. It’s worth noting that the stock has already surged by 40% since the beginning of the year. Cardiff Oncology, headquartered in San Diego, is focused on the development of innovative therapies for various types of cancer.
Following the market’s closure on Monday, Cardiff Oncology revealed its intention to move its lead program into the first-line setting of metastatic colorectal cancer. The trial is set to commence in the upcoming fall. To ensure successful execution, the company plans to collaborate with Pfizer Ignite, a comprehensive service designed specifically for biotechnology firms. Notably, Pfizer has also made an equity investment in Cardiff Oncology earlier this year.
Cardiff Oncology highlighted that there is a significant need for new treatments in the first-line RAS-mutated mCRC setting, as approximately 48,000 new patients are diagnosed annually in the United States. Surprisingly, there have been no ongoing clinical trials or new approved treatments in this particular area for the past two decades.