Diffusion Pharmaceuticals Inc. (DFFN) shares gained 1.05% in after-hours on Monday, December 27, 2021, and closed the daily trading at $0.36. However, in the regular trading session of Monday, DFFN’s stock lost 7.15%. DFFN shares have fallen 51.97% over the last 12 months, and they have moved up 1.18% in the past week. Over the past three months, the stock has lost 30.67%, while over the past six months, it has declined 53.79%.
Let’s see what’s going on recently with the company?
DFFN participation in the upcoming events
Diffusion Pharmaceuticals Inc. will participate in BioTech Showcase which is to be held on January 10-12, 2022.
DFFN will also participate at H.C. Wainwright BioConnect which is scheduled for January 10-13, 2022.
The company will also present at BIO Partnering at JPM which is scheduled for January 10-14, 2022.
DFFN dosed the first Patient in ILD-DLCO trial
On December 16, 2021, Diffusion Pharmaceuticals Inc. (DFFN) dosed the first patients in its ILD-DLCO Trial. The trial will evaluate the Company’s lead product candidate, trans sodium crocetinate (TSC), in patients with previously diagnosed interstitial lung disease (ILD).
The ILD-DLCO trial is a double-blind, randomized, placebo-controlled study that will evaluate the effects of TSC on the diffusion of carbon monoxide through the lungs (DLCO) in patients with previously diagnosed interstitial lung disease who have a baseline DLCO test result that is abnormal.
DFFN received a new U.S patent
On December 01, 2021, the United States Patent and Trademark Office granted Patent No. 11,185,523, “Use of Bipolar Trans Carotenoids with Chemotherapy and Radiotherapy for Treatment of Cancer,” to Diffusion Pharmaceuticals Inc. (DFFN).
This patent includes new claims related to methods of treating cancerous tumors by administering the Company’s lead product candidate, trans sodium crocetinate in combination with radiation therapy and chemotherapy.
DFFN latest financial results
On November 10, 2021, Diffusion Pharmaceuticals Inc. (DFFN) reported financial results for the third quarter of 2021.
Q3 2021 financial highlights
- There was no revenue generated in Q3 2021.
- Research and development expenses were $2.1 million in Q3 2021 compared to expenses of $3.1 million in the prior-year period.
- General and administrative expenses were $1.9 million during the third quarter of 2021 compared to $2.1 million in Q3 2020.
- DFFN suffered a net loss of $12.2 million in Q3 2021 compared to $4.44 million in Q3 2020.
- Diffusion had cash and cash equivalents of approximately $40.3 million on September 30, 2021, compared to 18.5 million as of December 31, 2020.
There was no recent news that could be the reason behind its loss in the regular trading session on Monday. It did a minor recovery in the after-hours and we hope that it will continue to accelerate in the coming trading sessions as well.