Premarket Action Is Heating Up

By: Tomas Ronolski - AllPennyStocks.com News

Wednesday, September 28, 2022

A New Jersey-based company is catching some attention during Wednesday’s premarket after the company announced the initiation of a Phase 1 clinical trial evaluating CPI-613® (devimistat) in combination with chemoradiation for the treatment of advanced pancreatic cancer. This sent shares of Cornerstone Pharmaceuticals Inc. (formally known as Rafael Pharmaceuticals) soaring this morning.

Rafael Holdings includes commercial real estate assets and interests in two clinical-stage pharmaceutical companies backed by a strong and liquid balance sheet. Rafael's real estate holdings are comprised by a 20-story commercial office building and associated parking garage in Newark, New Jersey, an office/data center building in Piscataway, New Jersey and an office condominium in Israel. Rafael's pharmaceutical holdings include interests in two clinical-stage oncology companies - Rafael Pharmaceuticals and LipoMedix. Rafael Pharmaceuticals is developing therapies that exploit the metabolic differences between normal cells and cancer cells in both solid and liquid cancers. LipoMedix is developing liposomal prodrugs designed to enhance the efficacy of certain chemotherapeutic therapies.

Traders appear to be optimistic on the news as shares of Rafael Holdings Inc. (NYSE:RFL) are bid at $1.90/share (+4.97% implied open for sellers) just minutes before the opening bell.

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