Pfizer funding in Cardiff Oncology drives CRDF 21% higher. Know more

November 18, 2021 09:55 AM PST | By Versha Jain

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Pfizer funding in Cardiff Oncology drives CRDF 21% higher. Know more — Image source: diy13,Shutterstock

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Highlights

Cardiff Oncology, Inc. (NASDAQ:CRDF) stock jumped 21% in premarket Thursday.

The company has received a US$15 million equity investment from Pfizer Inc.

Cardiff plans to use the proceeds for its ongoing clinical research in KRAS-mutated cancer.

Healthcare company Cardiff Oncology, Inc. (NASDAQ:CRDF) stock jumped more than 21% in premarket on Thursday after announcing US$15 million in equity investment from Pfizer Inc.

On Thursday, Pfizer announced to invest US$15 million, or 2.4 million shares in Cardiff.

It will pay US$6.22 per common share under its Breakthrough Growth Initiative. This program funds innovative science projects in healthcare.

The CRDF stock traded at US$6.36 at 8:52 am ET, up 21.61% from its previous close after the news. On Wednesday, the stock had fallen 2% to US$5.23. The San Diego, California-based CRDF is a clinical-stage biotechnology company and develops cancer treatments.

Cardiff plans to use the proceeds for its ongoing clinical research in KRAS-mutated cancer. On the other hand, Pfizer will have the right to access the first clinical data from the trials.

Cardiff develops new precision treatment options for mutated colorectal cancer, castrate-resistant prostate cancer, and pancreatic cancer.

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Cardiff Oncology, Inc. <a class='font-weight-bold' style='border-bottom: 2px dashed;' aria-label='https://kalkinemedia.com/us/companies/nasdaq-crdf' href='https://kalkinemedia.com/us/companies/nasdaq-crdf'>(NASDAQ:CRDF)</a> receives US$15 million equity investment from Pfizer.

Image: Pixabay

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Founded in 1999, Cardiff’s current market capitalization is US$206 million. Its revenue was US$86,000 in the quarter ended September 30, 2021, compared to US$136,000 in the comparable period a year ago. Its net loss increased to US$6.9 million or US$(0.17) per share diluted on account of increased expenses on R&D, administration, sales, etc.

It launched its IPO in 2004.

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Bottomline

Barring large pharmaceutical companies that manufacture covid drugs, the YTD growth of the smaller biotech companies has declined on the Nasdaq biotechnology sector index.

The Nasdaq Biotechnology Index (NBI) grew only by 1.83%, and the NASDAQ US Small Cap Biotechnology Index fell 20.23% YTD.

The Cardiff oncology stock fell around 71% in the same period.

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