CRDF - Cardiff Oncology stock jumps 27% following $15M equity investment from Pfizer

Cardiff Oncology (NASDAQ:CRDF) soars 26.8% premarket after Pfizer (NYSE:PFE) made a $15M equity investment in the company as part of its Breakthrough Growth Initiative, a program focused on funding innovative science to meet patient needs. Pursuant to a securities purchase agreement between the parties, Pfizer purchased 2.4M Cardiff's common shares at $6.22/share. Cardiff Oncology intends 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, the company has agreed to grant Pfizer rights of first access to data from its development programs. In connection with the equity investment, Adam Schayowitz, Ph.D., MBA, Vice President & Medicine Team Group Lead for Breast Cancer, Colorectal Cancer and Melanoma at Pfizer, will join Cardiff Oncology's Scientific Advisory Board, once formed.

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Cardiff Oncology stock jumps 27% following $15M equity investment from Pfizer