Welcome to our dedicated page for Rafael Holdings Class B news (Ticker: RFL), a resource for investors and traders seeking the latest updates and insights on Rafael Holdings Class B stock.
Rafael Holdings, Inc. (symbol: RFL) is a clinical-stage pharmaceutical company focused on oncology. Through its subsidiaries, Rafael Holdings invests in the development and commercialization of therapies that target the metabolic differences between normal and cancer cells. Notably, the company has significant investments in Cornerstone Pharmaceuticals, Inc., and LipoMedix Pharmaceuticals Ltd., both of which are also in clinical stages.
As of the end of the third quarter of fiscal year 2023, Rafael Holdings made an initial investment of $2.1 million in Cyclo Therapeutics, Inc., with an agreement to increase this investment by an additional $5 million. This shows the company's strategic focus on expanding its investment portfolio to enhance shareholder value.
For the three months ended April 30, 2023, Rafael Holdings reported a net loss of $1.5 million from continuing operations, a reduction from the $5.0 million loss recorded in the same period of the previous year. Research and development expenses also saw a drop to $0.7 million from $1.4 million year-over-year, attributed to the winding down of early-stage programs, including at Barer Institute.
For the nine months ending April 30, 2023, the company incurred a net loss of $9.9 million, compared to $135.9 million in the same period the prior year. The previous year's loss included significant expenses such as a $25 million loss on the write-off of a receivable, as well as a $79.1 million impairment charge related to its investment in Cornerstone Pharmaceuticals.
Rafael Holdings' ongoing projects and partnerships are aimed at mitigating clinical and financial risks, while striving for breakthroughs in cancer treatment. For example, the company continues to advance its internal cancer metabolism research programs and is focusing on strategic investments to boost its pipeline.
As a public company, Rafael Holdings faces various risks including competition, regulatory approvals, and product liability, among others. However, the company remains dedicated to advancing its oncology portfolio and generating value for its stockholders by strategically managing its operations and investments.
Rafael Holdings (NYSE: RFL) has successfully closed a private investment in public equity (PIPE) financing, raising approximately $104.2 million. This financing involved the purchase of 2,833,425 shares of Class B common stock at $35.00 per share, with additional shares purchased at $44.42 by an investor linked to Howard Jonas. The transaction was orchestrated by SVB Leerink and Raymond James. The funds are expected to support Rafael Holdings' oncology initiatives, particularly through its partnerships in cancer therapy development.
Rafael Holdings, Inc. (NYSE: RFL) announced a private placement expected to generate gross proceeds of $104.2 million. The company will sell 2,833,426 shares of Class B common stock at $35.00 per share, plus 112,561 shares to an accredited investor at $44.42 per share, the closing price on August 19, 2021. The offering, not registered under the Securities Act, is subject to conditions and is set to close on August 24, 2021. A registration statement will be filed for resales of the securities.
Rafael Holdings, Inc. (NYSE: RFL) announced the addition of three senior executives: Gus Kodersha as Chief Technical Operations Officer, Melissa Lozner as Chief Compliance & Ethics Officer, and Brandi Robinson as Chief Corporate Affairs Officer. This strategic move aims to strengthen the company's leadership as it advances critical Phase 3 clinical trials, particularly for CPI-613® targeting metastatic pancreatic cancer. CEO Ameet Mallik emphasized the new leaders' extensive experience, which is expected to enhance the company’s potential in developing cancer metabolism therapeutics.
Rafael Pharmaceuticals announced positive results from the interim futility analysis of its Phase 3 trial (ARMADA 2000) for CPI-613® (devimistat) in treating relapsed or refractory acute myeloid leukemia (AML). Conducted by an independent Data Monitoring Committee on June 25, 2021, the trial was deemed non-futile, allowing it to continue. The interim analysis involved 142 patients and indicated a predefined response rate threshold was met. Devimistat targets cancer cell energy metabolism, potentially enhancing treatment efficacy while reducing side effects for various cancers.
Rafael Pharmaceuticals announced that data regarding its lead compound, devimistat, will be presented at the 2021 ESMO World Gastrointestinal Congress from June 30 to July 3. This presentation will focus on ongoing trials for devimistat in treating pancreatic and biliary tract cancer. Both cancers have low survival rates, with biliary cancer at 9% and pancreatic cancer at 10.8% over five years. Devimistat targets cancer cell metabolism and may improve treatment outcomes, with pivotal Phase 3 trials already approved by the FDA.
Rafael Pharmaceuticals announced that the FDA has granted orphan drug designation for CPI-613 (devimistat) to treat biliary cancer. This rare form of cancer affects approximately 12,000 people annually in the U.S. Devimistat has also received orphan drug status for pancreatic cancer, AML, and others, totaling seven designations. The company emphasizes the urgent need for effective treatments for rare cancers, as current options have limited response rates. Devimistat targets mitochondrial processes to enhance cancer therapy effectiveness with reduced side effects.
Rafael Holdings, Inc. (NYSE: RFL) and Rafael Pharmaceuticals presented at the Raymond James 2021 Human Health Innovation Conference on June 22, 2021. Key figures included CEO Ameet Mallik and President Sanjeev Luther. The companies are focused on developing novel cancer therapies, particularly through Rafael Pharmaceuticals, which is advancing multiple clinical studies for its lead drug, CPI-613 (devimistat). This includes ongoing Phase 3 trials for metastatic pancreatic cancer and acute myeloid leukemia. The companies aim to create a publicly traded late-stage clinical oncology entity, enhancing their market position.
Rafael Holdings, Inc. (NYSE: RFL) has announced a merger with Rafael Pharmaceuticals, a late-stage oncology firm specializing in cancer metabolism therapeutics. The merger, unanimously approved by both boards, aims to create a publicly traded company focused on innovative cancer treatments. Key figures include Howard Jonas as Chairman and Ameet Mallik as CEO. The merger includes the acquisition of Altira Capital for $30 million and requires a capital raise of at least $50 million. The lead drug, CPI-613 (devimistat), is in Phase 3 trials for metastatic pancreatic cancer, with results expected in Q4 2021.
Rafael Holdings, Inc. (NYSE: RFL) reported Q3 FY 2021 revenue of $1.0 million, down from $1.2 million year-over-year, primarily due to asset sales and reduced parking revenues amid the COVID pandemic. The loss per share was $0.15, compared to $0.14 in the prior year. The company appointed Ameet Mallik as CEO and William Conkling as Chief Commercial Officer. A shelf registration statement for up to $250 million of Class B common stock was filed. Rafael Pharmaceuticals anticipates pivotal trial data for pancreatic cancer in Q4 2021.
Rafael Holdings, Inc. (NYSE: RFL) announced the appointment of three new members to its Board of Directors: Ameet Mallik, CEO; Shannon Thyme Klinger, Chief Legal Officer of Moderna; and Mark McCamish, CEO of IconOVir Bio. Chairman Howard Jonas expressed optimism, stating the new board members bring significant expertise to advance the company's oncology pipeline. Ameet Mallik highlighted the importance of their industry experience in maximizing the potential of their therapeutics.
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