Can-Fite BioPharma Ltd. (TASE:CFBI; NYSE MKT: CANF), which is developing a pipeline of proprietary small molecule drugs that address cancer and inflammatory diseases, today announced that it has entered into definitive agreements with institutional investors to raise $9 million. The Israel companty will issue 2,068,966 registered American Depository Shares (ADSs) of Can-Fite at a purchase price of $4.35 per ADS in a registered direct offering. For each ADS purchased, the investors will also receive an unregistered warrant to purchase one-half of an ADS. The warrants have an exercise price of $5.25 per ADS.
Can-Fite's share price has tripled since it announced on Thursday that the US Food and Drug Administration (FDA) had granted its CF102 research drug fast track status as a second-line therapy for Hepatocellular Carcinoma (HCC) liver cancer, considered the most common type of liver cancer.
The FDA has already granted CF102 orphan drug status.
"We’re very satisfied that the FDA has recognized the potential of our CF102 drug for treatment of HCC patients who did not respond to Nexavar, the only approved drug in the market for this problem," Can-Fite CEO Pnina Fishman said. "We regard receiving fast track status as a significant catalyst for the CF102 development program, and believe that it is important news for the patients."
Published by Globes [online], Israel business news - www.globes-online.com - on September 20, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015