Can-Fite BioPharma Ltd. (TASE:CFBI; Bulletin Board: CANFY) began trading its American Depository Receipts (ADRs) on the over-the-counter market on Wall Street on Tuesday. Each ADR represents 50 Can-Fite shares traded on the TASE. Can-Fite has a pipeline of proprietary small molecule drugs that address inflammatory and cancer diseases
In 2011, Can-Fite spun off its ophthalmic drug development business and listed it on Wall Street as OphthaliX Inc. (Bulletin Board: OPLI).
Can-Fite CEO Pnina Fishman said, "We are very excited to offer investors in the U.S. the opportunity of participating in the success of Can-Fite BioPharma without having to purchase the shares directly through the TASE. Our pipeline has displayed promising clinical results and our strategic partnerships with Seikagaku Corporation and Kwang Dong Pharmaceuticals, as well as our holding in OpththaliX, continue to be useful with respect to the development and future commercialization of our drugs. The primary benefit of establishing this program is to create a North American trading market for Can-Fite and better access for US investors to purchase Can-Fite securities, further improving the liquidity of Can-Fite shares."
Can-Fite has appointed The Bank of New York Mellon as its Depositary Bank to establish and maintain the ADR facility and the ADRs will be tradable via licensed US brokers in the ordinary course of trading.
Published by Globes [online], Israel business news - www.globes-online.com - on October 4, 2012
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