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Rafael Holdings (RFL) is a diversified holding company focused on clinical stage therapeutics, infusion technology, and strategic real estate. This page serves as your centralized source for official news, press releases, and updates across all business segments.
Access timely announcements on RFL's clinical development programs, mergers, and portfolio expansions. Investors will find critical updates on healthcare investments, infusion technology advancements, and real estate acquisitions. Content includes earnings reports, partnership agreements, and regulatory milestones.
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Rafael Holdings, Inc. (NYSE: RFL) reported its first quarter fiscal 2023 results, reflecting significant progress. The company completed a successful real estate sale, generating $33 million in net proceeds. As of October 31, 2022, Rafael Holdings holds $93.8 million in cash and marketable securities. The net loss narrowed to $5.2 million ($0.22 per share) compared to a $128.9 million loss ($5.88 per share) in the prior year. R&D expenses remained stable at $2.1 million, while general and administrative expenses decreased to $3.1 million from $12.3 million, indicating improved cost management.
Rafael Holdings, Inc. (NYSE: RFL) announced on Nov. 15, 2022, a strategic shift to curtail early-stage development efforts, focusing instead on acquiring clinical stage assets to reduce spending. As of July 31, 2022, the company had $63.2 million in cash and received an additional $33 million from real estate sales. CEO Bill Conkling highlighted the company's strong balance sheet and opportunity for strategic business development amidst biotech sector dislocation, aiming for investments that address unmet medical needs and enhance shareholder value.
Rafael Holdings, Inc. (NYSE: RFL) reported its financial results for the three and twelve months ending July 31, 2022. The company had a net loss from continuing operations of $4.6 million, or $0.24 per share, for the quarter, down from a loss of $12.2 million last year. Revenue dropped to $0.07 million from $0.19 million year-over-year. For the full year, the net loss was $122.8 million, significantly higher than the previous year's $22.8 million. The company has cash and marketable securities totaling $63.2 million plus $33 million in proceeds from property sales to boost its business development efforts.
Cornerstone Pharmaceuticals has announced the initiation of a Phase 1 clinical trial for CPI-613 (devimistat), aimed at treating advanced pancreatic cancer. The trial, taking place at the Medical College of Wisconsin, will assess the safety and maximum tolerated dose of devimistat combined with gemcitabine and radiation therapy. With orphan drug designations from the FDA and EMA, devimistat targets cancer cell energy metabolism, potentially improving treatment outcomes in a disease known for high mortality rates.
Rafael Holdings, Inc. (NYSE: RFL) announced the completion of its building sale located at 520 Broad Street, Newark, for $49.4 million. After paying off a $15 million mortgage, the company expects net proceeds of approximately $33 million. Previously, Rafael Holdings reported cash and marketable securities of $59.4 million as of April 30, 2022, not including a recent $6 million raised through stock sales. CEO Bill Conkling emphasized that the sale strengthens the company’s balance sheet, enabling them to advance their early-stage cancer therapeutics pipeline.
Cornerstone Pharmaceuticals has successfully completed a Phase 1b clinical trial of its drug CPI-613® (devimistat) combined with gemcitabine and cisplatin for treating advanced biliary tract cancer. The trial involved 20 patients, achieving a 45% overall response rate and a median progression-free survival of 14.9 months. Seven patients are still receiving treatment. The Phase 2 trial is currently open, aiming to enroll 78 patients across 10 centers. Devimistat has been granted orphan drug designation by the FDA for multiple rare cancers, indicating its potential therapeutic importance.
Cornerstone Pharmaceuticals has appointed Dr. Jason Locasale to its Scientific Advisory Board. Dr. Locasale, an expert in cancer metabolism and metabolomics, is expected to enhance the company’s clinical programs and research on rare cancers. The company’s lead compound, CPI-613®, is under multiple clinical trials and has received orphan drug designations from both the FDA and EMA for several types of cancer. This appointment aims to strengthen the company’s ability to address the nutritional and metabolic challenges in cancer treatment.
Cornerstone Pharmaceuticals has announced the presentation of data from its open-label phase 1 study of CPI-613® (devimistat) combined with gemcitabine and nab-paclitaxel for locally advanced or metastatic pancreatic cancer. The results will be shared at the ESMO World Congress on Gastrointestinal Cancer 2022 from June 29 to July 2 in Barcelona, Spain. The study, involving 22 patients, demonstrated that devimistat is well tolerated and potentially synergistic with chemotherapy, paving the way for future treatment options for this prevalent and challenging cancer.
Cornerstone Pharmaceuticals announced the publication of preclinical data supporting CPI-613® (devimistat) as a treatment targeting carcinoma catabolism. The study in PLOS ONE reveals that devimistat disrupts the TCA cycle, crucial for tumor metabolism. Notably, early clinical trials have shown strong activity against relapsed Myc-driven Burkitt lymphoma, with one complete remission reported in a Phase 1 trial. Cornerstone's commitment to rare cancer therapeutics continues with devimistat's orphan drug status from the FDA and EMA for several cancers.
Cornerstone Pharmaceuticals announced new preclinical data on CPI-613® (devimistat) targeting carcinoma catabolism, published in PLOS ONE. This study highlights devimistat's ability to suppress the mitochondrial TCA cycle, crucial for tumor metabolism. Significant results include one complete remission in ongoing Phase 1 trials for relapsed, refractory Burkitt lymphoma. CEO Sanjeev Luther emphasized the potential for devimistat to improve outcomes for patients with rare cancers. The drug has received orphan drug designation from the FDA and EMA for several indications.
