Can-Fite BioPharma Ltd. (TASE:CFBI; Bulletin Board: CANFY) spinoff OphthaliX Inc. (Bulletin Board: OPLI), which is developing treatments for eye diseases, has filed a prospectus with the US Securities and Exchange Commission (SEC) to raise up to $10 million in an IPO on the New York Stock Exchange. No pricing terms were disclosed.
Sources inform ''Globes'' that OphthaliX will begin its road show in late July.
OphthaliX is conducting a Phase III clinical trial for its treatment for dry-eye syndrome. The anti-inflammatory drug is based on the same molecule developed by Can-Fite for the treatment of psoriasis and rheumatism. Studies by Can-Fite found that the drug alleviated the symptoms of dry-eye syndrome.
Can-Fite therefore decided to spin off its ophthalmic activity, and to transfer the more advanced product to the new company, which merged with a company listed on the Bulletin Board. OphthaliX's executives and directors come from the ophthalmic field and are familiar with the US capital market.
OphthaliX has a market cap of $69 million, after losing half its value in the past year. It still has a higher market cap than the NIS 120 million ($32.5 million) market cap for Can-Fite, which owns 82% of OphthaliX.
Published by Globes [online], Israel business news - www.globes-online.com - on July 3, 2013
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