Therapy Areas: Autoimmune
Can-Fite BioPharma to Raise USD 2.35m in Registered Direct Offering
22 January 2019 - - Israel-based biotechnology company Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE: CFBI) has entered into a definitive agreement with a single institutional investor to receive gross proceeds of approximately USD 2.35m, the company said.

In connection with the offering, the company will issue 2,238,096 registered American Depository Shares of Can-Fite at a purchase price of USD 1.05 per ADS in a registered direct offering.

Additionally, for each ADS purchased by investors, the investors will receive an unregistered warrant to purchase one ADS.

The warrants will have an exercise price of USD 1.30 per ADS, will be immediately exercisable and will expire five and one-half years from the issuance date. The closing of the offering is expected to take place on or about January 23, 2019, subject to the satisfaction of customary closing conditions.

H.C. Wainwright and Co. is acting as the exclusive placement agent in connection with this offering.

Can-Fite BioPharma is an advanced clinical stage drug development company with a platform technology that is designed to address multi-bn dollar markets in the treatment of cancer, inflammatory disease and sexual dysfunction.

The company's lead drug candidate, Piclidenoson, is currently in Phase III trials for rheumatoid arthritis and psoriasis. Can-Fite's liver cancer drug, Namodenoson, is in Phase II trials for hepatocellular carcinoma, the most common form of liver cancer, and for the treatment of non-alcoholic steatohepatitis.

Namodenoson has been granted Orphan Drug Designation in the US and Europe and Fast Track Designation as a second line treatment for HCC by the US Food and Drug Administration. Namodenoson has also shown proof of concept to potentially treat other cancers including colon, prostate, and melanoma.

CF602, the company's third drug candidate, has shown efficacy in the treatment of erectile dysfunction in preclinical studies and the company is investigating additional compounds, targeting A3AR, for the treatment of sexual dysfunction. These drugs have an excellent safety profile with experience in over 1,000 patients in clinical studies to date.
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