Therapy Areas: Autoimmune
Can-Fite BioPharma Launches USD 3.2m Registered Direct Offering
4 April 2019 - - Israeli biotechnology company Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE: CFBI) has entered into a definitive agreement with certain institutional investors to receive gross proceeds of approximately USD 3.2m, the company said.

In connection with the offering, the company will issue 4,923,078 registered American Depository Shares of Can-Fite at a purchase price of USD 0.65 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 0.86 per ADS, will be immediately exercisable and will expire five years from the issuance date. The closing of the offering is expected to take place on or about April 4, 2019, subject to the satisfaction of customary closing conditions.

H.C. Wainwright and Co. is acting as the exclusive placement agent for the offering.

The ADSs described above (but not the warrants or the ADSs underlying the warrants) are being offered pursuant to a shelf registration statement (File No. 333-220644) which became effective on October 11, 2017. Such ADSs may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.

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, recently completed a Phase II trial for hepatocellular carcinoma, the most common form of liver cancer, and is in a Phase II trial 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.
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