Pfizer Invests $15 Mln In Cardiff Oncology

(RTTNews) - Pfizer Inc. (PFE) has made a $15 million equity investment in Cardiff Oncology Inc. (CRDF), as part of the Pfizer Breakthrough Growth Initiative, Cardiff said in a statement on Thursday.

Pfizer Breakthrough Growth Initiativ is a program focused on funding innovative science to meet patient needs.

In Thursday pre-market trade, CRDF was trading at $6.19 up $0.96 or 18.36%.

As per the deal, Pfizer purchased 2.4 million shares of Cardiff Oncology's common stock at a price of $6.22 per share.

Cardiff Oncology plans 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, Cardiff has agreed to grant Pfizer rights of first access to data from its development programs.

In connection with the equity investment, Adam Schayowitz, Vice President & Medicine Team Group Lead for Breast Cancer, Colorectal Cancer and Melanoma at Pfizer, will join Cardiff Oncology's Scientific Advisory Board.