Diffusion Pharmaceuticals Inc. (DFFN), a biopharmaceutical company, has experienced an increase of 4.71% in its shares price during the current market trading session. As a result that, DFFN stock is currently being traded at $0.58.
Clearance for TSC
DFFN announced today that the company has obtained its clearance from the US FDA of its Investigational New Drug (IND) Application for the company’s lead product candidate, namely Trans Sodium Crocetinate (TSC). Chris Galloway, M.D., CMO of Diffusion, stated on the occasion that Not only does it gives the company the ability to conduct the ILD-DLCO trial in the U.S., but also expands its potential regulatory opportunities across multiple divisions at the FDA encompassing numerous therapeutic areas.
Q2 2021 financial results
On the 11th of August, DFFN stock fell some 5.27% after the company announced financial results for the second quarter of fiscal 2021, which ended June 30th. According to the details, the total expenses (General and administrative, Research and development) stood at $3.8 million, while during the equivalent period of 2020, the total expenses stood at $3.7 million. The cash and cash equivalents on the 30th of June stood at $43.3 million. The company also reported numerous operating highlights that happened during the course of the quarter. On the occasion, Robert Cobuzzi, Jr. Ph.D., President, and CEO of Diffusion praised the performance of the company and said that the developmental plans of the company remain on track of success.
DFFN report TSC phase-1 topline results
On 30th June, DFFN reported topline results from the Phase-1 trial of TSC. According to the details, the company used transcutaneous oxygen monitoring (TCOM) to monitor the direct pharmacodynamic effects of TSC on the oxygenation of peripheral tissues of healthy volunteers. Primary endpoint data provided the topline results. The trend in Primary endpoint data indicated that there was an improvement in the peripheral oxygenation, as compared to the placebo. There was no evidence of hyper-oxygenation. Chris Galloway said that the observance of the positive trends in the trial was quite encouraging for the company.
Q1 2021 financial results
On the 10th of May, DFFN reported the financial results for the first quarter of the fiscal year 2021, which ended 31st of March. According to the details, the total expenses (Research and development, General and administrative) stood at $4.6 million, as compared to expenses of $2.9 million during the equivalent period of 2020. The cash and cash equivalents on the 31st of March stood at $46.6 million. Robert Cobuzzi said on the occasion that the company met the key milestones we set for ourselves for the first quarter of 2021 and pledged to repeat similar sorts of performances during coming times as well.
What’s ahead for DFFN?
Analysts estimate that the EPS of DFFN could increase by a humongous 83% during this year. The company is expected to grow by some 34.60% during this current year. All of these and alike statistics reveal that DFFN stock is expected to worth more in near future. So, based on this, potential investors should keenly keep watching DFFN stock’s performance in NASDAQ.
