Can-Fite exercises warrants for around $4.0 million in funds

Can-Fite BioPharma, a biotechnology company focused on developing small molecule therapeutic products, recently announced that it has entered into definitive agreements with institutional investors for the purchase and sale of 1,714,000 American Depository Shares (ADSs) at a purchase price of $2.20 per ADS. The gross proceeds from this offering are expected to be approximately $3.77 million.

This funding will be used to support the clinical development of its lead drug candidate, Piclidenoson, for the treatment of autoimmune inflammatory diseases such as rheumatoid arthritis, psoriasis, and COVID-19. Piclidenoson has shown promising results in preclinical and clinical studies, and Can-Fite is continuing to advance its development through multiple Phase II and III trials.

Dr. Pnina Fishman, CEO of Can-Fite BioPharma, expressed enthusiasm about the financing, stating, “This funding will enable us to further advance our pipeline of innovative drugs, particularly our lead candidate, Piclidenoson, which has the potential to address significant unmet medical needs in autoimmune diseases.” She added, “We appreciate the continued support of our investors as we work towards bringing these important therapies to patients in need.”

In addition to supporting the development of Piclidenoson, the proceeds from this offering will also be used to progress the clinical development of Namodenoson, Can-Fite’s drug candidate for the treatment of non-alcoholic steatohepatitis (NASH) and liver cancer. Namodenoson has shown efficacy in addressing liver inflammation and fibrosis, making it a promising candidate for these indications.

Can-Fite BioPharma is dedicated to leveraging its proprietary drug discovery platform to develop novel therapeutics for a variety of inflammatory and liver diseases. The company’s commitment to innovation and scientific excellence has positioned it as a leader in the field of small molecule drug development, with a strong pipeline of candidates in various stages of clinical development.

The completion of this financing round marks a significant milestone for Can-Fite BioPharma as it continues to advance its mission of bringing transformative therapies to patients in need. With the support of its investors, the company is well-positioned to accelerate the development of its drug candidates and move closer to addressing the unmet medical needs of patients worldwide.