NEW YORK (TheStreet) -- Shares ofCan-Fite BioPharma (CANF) plummeted more than 60% to a 52-week low of $2.16 on Monday announced that itsdrug candidate CF101 did not achieve its primary endpoint in aPhase II/III psoriasis trial.

The trial enrolled326 patients through 17 clinical centers in the U.S., Europe, and Israel. The company designed thestudy to test the efficacy of CF101 in patients with moderate-to-severe plaque psoriasis.

The primary efficacy endpoint was a statistically significant improvement in the Psoriasis Area Sensitivity Index (PASI) score relative to placebo treatment, and CF101 did not achieve this endpoint.

"We are disappointed that our trial did not meet its primary endpoint. Regretfully, in the PASI 75 and PGA we did not see any real effect in patients over placebo," said Can-Fite CEO Dr. Pnina Fishman in a statement. "We have not yet completed our analysis of secondary endpoint and sub-group analysis and intend to complete it in the near future. Can-Fite is continuing its research and development efforts in relation to its drugs and indications in the pipeline." CANF data by YCharts

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Can-Fite BioPharma (CANF) Stock Plummets to 52-Week Low Today on Psiorasis Drug Trial Results