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, Inc. (NYSE: RFL) announced a grant of 908,497 restricted shares of Class B common stock to CEO Ameet Mallik on May 27, 2021, as part of his employment agreement. The shares will vest over the next few years, with initial shares vesting on May 6, 2022, followed by monthly vesting until April 2025. This stock grant was made under the company's 2018 Equity Incentive Plan and approved by the Compensation Committee, serving as an inducement for Mr. Mallik's hiring which took effect on May 1, 2021.
Rafael Pharmaceuticals will present two posters at the 2021 ASCO Annual Meeting from June 4-8, discussing trials on devimistat for pancreatic and biliary tract cancers. Presentation Abstract #TPS4158 explores the efficacy of gemcitabine and cisplatin, while Abstract #TPS4176 focuses on devimistat paired with (m)FOLFIRINOX. Sanjeev Luther, the company’s President, emphasizes significant advancements despite challenges. Devimistat, a first-in-class compound, targets cancer cell metabolism, showing promise for future cancer treatments.
Rafael Holdings, Inc. (NYSE: RFL) announced an inducement grant on April 15, 2021, to Chief Commercial Officer William Conkling for options to purchase 118,409 shares of Class B common stock. The exercise price is set at $40.85, reflecting the closing price on the previous trading day. The options will vest over a period, starting with 29,602 on April 15, 2022, followed by monthly vesting. This grant is part of Rafael's 2018 Equity Incentive Plan, designed to attract key talent while adhering to NYSE Rule 303A.08.
Rafael Pharmaceuticals has announced the enrollment of over 150 patients in its Phase 3 clinical trial (ARMADA 2000) for relapsed or refractory acute myeloid leukemia (AML). This multicenter trial evaluates the efficacy of CPI-613® (devimistat) in combination with specific chemotherapy drugs. The company recently achieved FDA fast-track designation for this treatment, highlighting its potential in addressing the urgent need for effective AML therapies. Experts emphasize the significance of this milestone in improving outcomes for patients suffering from this challenging cancer.
Rafael Holdings, Inc. (NYSE: RFL) reported Q2 FY 2021 revenue of $1.0 million, down from $1.2 million year-over-year, primarily due to the sale of a building. Loss per share increased to $0.50, influenced by a $7.0 million impairment related to Altira. Ameet Mallik will assume the CEO role on May 1, 2021. The firm holds 51% of Rafael Pharmaceuticals, which has received FDA Fast Track designation for its lead compound, CPI-613® (devimistat), aimed at treating various cancers. The company continues its focus on oncology through strategic investments and partnerships.
Rafael Holdings, Inc. (NYSE: RFL) has appointed Ameet Mallik as its new Chief Executive Officer, effective May 1, 2021, succeeding founder Howard Jonas who remains Chairman. Bill Conkling joins as Chief Commercial Officer on March 15, 2021. Mallik, previously from Novartis, brings extensive experience in oncology, crucial as Rafael conducts multiple clinical studies. The leadership expansion aims to enhance the company's ability to develop innovative cancer therapies across its subsidiaries, including Rafael Pharmaceuticals and LipoMedix.
LipoMedix announced that its lead compound, Promitil®, will be manufactured in the U.S. by ForDoz Pharma. Promitil® utilizes a pegylated liposomal delivery system for targeted cancer treatment, encapsulating a new chemical entity, Mitomycin-c lipidic prodrug (MLP), which has shown efficacy against various cancer types in studies. LipoMedix aims for Phase II clinical studies with the drug, expecting improved treatment options for patients. The partnership with ForDoz is intended to overcome manufacturing challenges in nanotechnology.
Rafael Pharmaceuticals will present at the B. Riley Securities Virtual Oncology Investor Conference on January 20, 2021, outlining its progress in cancer metabolism therapeutics. CEO Sanjeev Luther and Co-CMO Tim Pardee will discuss clinical trial launches and FDA Fast Track designations. Specific achievements include FDA approval for pivotal Phase 3 trials in pancreatic cancer and acute myeloid leukemia using their lead compound CPI-613® (devimistat), which enhances cancer cell sensitivity to treatments.
Rafael Pharmaceuticals announced that CEO Sanjeev Luther will present at the 39th Annual J.P. Morgan Healthcare Conference on January 14, 2021. The presentation will cover significant milestones from 2020, including two FDA Fast Track designations for CPI-613 (devimistat), targeting metastatic pancreatic cancer and acute myeloid leukemia. Luther aims to highlight achievements and discuss future directions for tackling hard-to-treat cancers. The event will be accessible via webcast, with replays available on their website.
Rafael Holdings, Inc. (NYSE: RFL) announced a licensing agreement with Princeton University for exclusive rights to the SHMT inhibitor program, a part of their cancer drug development initiative through the Barer Institute. The SHMT inhibitors target metabolic pathways critical in various cancers, positioning the company for potential commercial drug development. Professor Joshua Rabinowitz expressed enthusiasm for collaborating with the Barer Institute in turning research findings into effective therapies, underscoring the importance of SHMT inhibitors in advancing cancer treatment.
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