Drug development company Can-Fite BioPharma Ltd. (TASE:CFBI) has filed a shelf prospectus for a secondary offering of shares, bonds, convertible bonds, or warrants. The company had NIS 19 million in cash at the end of 2009.
Can-Fite, run by CEO Prof. Pnina Fishman, develops drugs based on the Gi protein, which is highly expressed in inflammatory and cancer cells, to develop targeted treatment of inflammatory, ophthalmic, cancer and viral diseases. The company plans to use proceeds from any offering held under the shelf prospectus to finance its business activity.
Can-Fite raised NIS 8.6 million in shares and warrants last summer, when it sold half its shares to the public. A few days later, it raised an additional NIS 7.1 million, bringing the total amount raised to NIS 15.7 million. Earlier this year, it signed a letter of intent with with Morningside Asia Venture (HK) Ltd. to set up a joint venture in Hong Kong, which will receive commercialization rights to Can-Fite's CF102 treatment for liver cancer and hepatitis in China, Hong Kong, Macau, and Taiwan. Can-Fite received $7.5 million from Morningside under the agreement.
Can-Fite's share price rose 2% today to NIS 0.52, giving a market cap of NIS 111 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 27, 2010
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