Benzinga | Nov 18, 2021 07:05AM EST

Cardiff Oncology Announced $15M Equity Investment from Pfizer through its Pfizer Breakthrough Growth Initiative

Cardiff Oncology, Inc. (NASDAQ:CRDF), a clinical-stage oncology company developing new precision medicine treatment options for cancer patients in indications with the greatest unmet medical need (including KRAS-mutated colorectal cancer, pancreatic cancer and castrate-resistant prostate cancer), today announced that Pfizer Inc. (NYSE:PFE) has made a $15 million equity investment in the company as part of the Pfizer Breakthrough Growth Initiative, a program focused on funding innovative science to meet patient needs. Pursuant to a securities purchase agreement between the parties, Pfizer purchased 2.4 million shares of Cardiff Oncology's common stock at a price of $6.22 per share.

Cardiff Oncology is a clinical-stage biotechnology company and our mission is to develop new treatment options for cancer patients in indications with the greatest medical need. Our goal is to overcome resistance, improve response to treatment and increase overall survival. Our investigational drug, onvansertib, a first-in-class, third-generation Polo-like Kinase 1 (PLK1) inhibitor, is being evaluated in combination with standard-of-care chemotherapy and targeted therapeutics. We are assessing tumor genomics and using our expertise in biomarker technology to rapidly evaluate patient response to treatment. (PRNewsfoto/Cardiff Oncology, Inc.)

"This collaborative relationship with Pfizer will support our mission to bring treatment options to patients with difficult-to-treat cancers, such as KRAS-mutated metastatic colorectal cancer, and underscores the breadth of onvansertib's potential as a platform molecule," said Mark Erlander, Ph.D., chief executive officer of Cardiff Oncology, speaking about the company's lead asset onvansertib, a first-in-class, third generation PLK1 inhibitor. "Pfizer's investment and participation on our Scientific Advisory Board will support our efforts as we progress onvansertib's clinical development and work to address the needs of patients."

In connection with the equity investment, Adam Schayowitz, Ph.D., MBA, Vice President & Medicine Team Group Lead for Breast Cancer, Colorectal Cancer and Melanoma at Pfizer, will join Cardiff Oncology's Scientific Advisory Board, once formed. Dr. Schayowitz commented, "Pfizer strives to make a meaningful difference for people living with cancer through the advancement of innovative therapies, and we believe that collaboration and strategic investments are key to achieving this goal. We are pleased to be supporting Cardiff Oncology and look forward to potential new approaches to addressing cancers with pressing unmet needs."

Cardiff Oncology intends to use the proceeds from the equity investment to advance its ongoing clinical programs in KRAS-mutated metastatic colorectal cancer, metastatic pancreatic ductal adenocarcinoma, and metastatic castrate-resistant prostate cancer, as well as to support onvansertib's development in additional indications. Additionally, the company has agreed to grant Pfizer rights of first access to data from its development programs.