SAN DIEGO - Cardiff Oncology, Inc. (NASDAQ:CRDF), a clinical-stage biotech company, has announced the issuance of a U.S. patent for the method of using onvansertib in combination with bevacizumab for treating KRAS mutated metastatic colorectal cancer (mCRC). The patent, issued by the United States Patent and Trademark Office (USPTO), extends through 2043.
The patent specifically covers the usage of onvansertib, a Polo-like kinase 1 (PLK1) inhibitor, in conjunction with bevacizumab for mCRC patients who have not previously been treated with bevacizumab. Onvansertib is currently undergoing a Phase 2 trial in combination with FOLFIRI and bevacizumab or FOLFOX and bevacizumab for the treatment of mCRC with a RAS mutation. Initial data from the trial is expected by the end of 2024.
Mark Erlander, Ph.D., Chief Executive Officer of Cardiff Oncology, expressed that the patent represents a significant development in their mission to advance onvansertib as a first-line treatment for mCRC patients with RAS mutations. The patent is seen as a validation of the potential for onvansertib to improve treatment efficacy in this patient group.
Cardiff Oncology is leveraging PLK1 inhibition to develop novel therapies for various cancers. Onvansertib is their lead asset, evaluated in combination with standard of care therapeutics. The company also has ongoing and planned trials for other cancer types, including metastatic pancreatic ductal adenocarcinoma, small cell lung cancer, and triple-negative breast cancer.
The information in this article is based on a press release statement from Cardiff Oncology. It should be noted that forward-looking statements within the press release involve risks and uncertainties, and actual results may differ. These statements are not guarantees of future performance, and there are no assurances that the product candidate will receive regulatory approval or prove to be commercially successful.
InvestingPro Insights
Cardiff Oncology's recent patent issuance for onvansertib comes at a time when the company is experiencing significant financial dynamics. According to InvestingPro data, Cardiff Oncology has seen a remarkable 115.0% price total return over the past year, indicating strong investor confidence in the company's potential. This aligns with the positive developments in their oncology pipeline, particularly the progress of onvansertib.
However, it's crucial to note that Cardiff Oncology is currently not profitable, with a negative gross profit margin of -4973.11% in the last twelve months as of Q3 2023. This is reflected in an InvestingPro Tip that highlights the company's weak gross profit margins. Despite this, another InvestingPro Tip reveals that Cardiff Oncology holds more cash than debt on its balance sheet, suggesting a degree of financial stability as they continue their clinical trials.
The company's market capitalization stands at $131.16 million, with a revenue of $0.69 million in the last twelve months as of Q3 2023. While the revenue growth is positive at 49.57% for the same period, the company is still in its early stages of commercialization, which is typical for clinical-stage biotech firms.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Cardiff Oncology, providing a deeper understanding of the company's financial health and market position.
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