Cardiff Oncology (NASDAQ:CRDF) Reports Its Q3 2020 Financial Results And Onvansertib Development Updates

Cardiff Oncology (NASDAQ:CRDF) has announced its financial results and business highlights for the three months ended September 30, 2020.

Cardiff presents onvansertib data on KRAS-mCRC

Dr Mark Erlander, Cardiff Oncology’s CEO, said that over the past few months, the company had witnessed robust growth driven mainly by clinical data sets showing efficacy and safety of onvansertib in solid tumours. The company presented data from its lead KRAS-mutated metastatic colorectal cancer (mCRC) program at the European Society of Medical Oncology conference. The data showed that the combination of onvansertib with standard-of-care therapy could result in durable responses and considerable improvement in objective response rate (ORR) compared to historical standard-of-care alone ORR.

The results suggested that the combination of onvansertib with bevacizumab/FOLFIRI can have plasma changes in KRAS mutation levers and could turn out to be a predictive biomarker of patient response. Therefore, this highlights the ability of onvansertib to address significant unmet second-line treatment need.

Erlander also said that the company had witnessed progress in its metastatic-castration-resistant prostate cancer program. During the Prostate Cancer Foundation Scientific Retreat, the company also presented encouraging efficacy and biomarker data showing onvansertib’s ability in overcoming Zytiga┬« Resistance in known androgen receptor resistance mechanisms. The presentation also showed the safety of onvansertib across three different dosing schedules and dose levels and the possible clinical benefit for individuals with basal molecular tumour subtype. The data demonstrated that onvansertib and Zytiga┬« combination was safe across all dosing schedules.

Cardiff Oncology closes $100 million public offering

Besides its recent clinical milestones, Cardiff Oncology also executed an important milestone at the beginning of October. The company closed an underwritten public offering of 6.5 million of its common shares at $13.5 per share for gross proceeds of around $100 million. Underwriters also exercised the option to acquire another 0.975 million shares at the public offering price. Erlander said that they would use funds from the offering to execute in current programs and also commencing new clinical programs across other cancer indications.

Cardiff ended the quarter with $36.4 million in cash, cash equivalents and investments.