After the market closed on August 7, 2023, Cardiff Oncology, Inc. (NASDAQ:CRDF) said it had expanded its partnership with Pfizer, Inc. (NYSE:PFE) to advance Cardiff’s lead program onvansertib as a first-line treatment for metastatic colorectal cancer (mCRC).
Cardiff’s stock hit a high of $2.78 per share on August 8 before closing at $2.18 per share.
In October 2022, SanaCurrents issued a catalyst report on a combination therapy trial of onvansertib and chemotherapy as a treatment for metastatic pancreatic ductal adenocarcinoma (mPDAC). In both mCRC and mPDAC, onvansertib appears to be able to succeed in patients with mutated KRAS/NRAS genes. Researchers estimate more than 90% of patients with mutated KRAS/NRAS genes in each indication are not well served by current treatment.
Pfizer, which made a $15 million stock investment in Cardiff in November 2021, will be responsible for the clinical execution of onvansertib’s phase III trial in mCRC. The Pfizer commitment will be advanced through the Pfizer Ignite program, a new, end-to-end clinical development service from Pfizer to promising biotech science.
Because Cardiff Oncology retains full economic ownership and control of onvansertib, the support from Pfizer will reduce future development costs to be incurred by Cardiff.
The partners said the Pfizer Ignite commitment followed new clinical and preclinical data from onvansertib in mCRC as well as an agreement on trial design with the FDA.
At the time of the October 2022 report, Cardiff’s stock traded at $1.54 per share. At the peak of August 7 trading, Cardiff’s stock had climbed 80.5% from the October 2022 price. At the closing price, the gain was 43.5%.