The proceeds will finance clinical trials for psoriasis, glaucoma, and liver cancer treatments.
On Monday, Can-Fite BioPharma Ltd. (TASE:CFBI; NYSE MKT: CANF) has raised a gross $5 million in a private placement, most from US institutional investors in the healthcare industry. The company will use the $4.7 million in net proceeds to finance ongoing clinical trials for its psoriasis, glaucoma, and liver cancer treatments and for working capital.
Can-Fite issued 982,344 American Depositary Shares (ADSs) at $5.15 per ADS, a discount on Monday's closing price of $5.53. It also issued warrants to purchase 491,172 ADSs at an exercise price of $6.43 per ADS.
Can-Fite said that it held the placement following the success of its multicenter clinical trials of its treatments for rheumatoid arthritis and psoriasis. However, a Phase III clinical of the same molecule for the treatment of dry eye syndrome by subsidiary OphthaliX Inc. (Bulletin Board: OPLI) was a failure.
Published by Globes [online], Israel business news - www.globes-online.com - on March 11, 2014
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