Can-Fite BioPharma Secures $15 Million in Public Funding
Can-Fite BioPharma Secures Up To $15 Million in Public Offering
$5 million upfront, with an additional potential $10 million pending warrant exercise
Can-Fite BioPharma Ltd. (NYSE American: CANF), a clinical-stage biotechnology company specializing in innovative therapies for cancer and inflammatory diseases, has disclosed a recent public offering priced at $0.60 per share for institutional investors. The offering includes 8,333,333 American Depositary Shares (ADSs), alongside short-term warrants allowing for the purchase of an additional 16,666,666 ADSs.
Details of the Offering
According to the announcement, the company expects the gross proceeds from this offering to reach approximately $5 million, excluding fees related to the placement agent and other costs. Should the accompanying short-term warrants be fully exercised, an additional $10 million in gross proceeds may be realized.
This offering is positioned to close soon, pending satisfaction of standard closing conditions and the company is working with H.C. Wainwright & Co. as the placement agent for this transaction.
Utilization of Funds
Funds generated from this offering are intended for vital areas including research and development, clinical trials, and administrative expenses. This strategic approach underlines Can-Fite's commitment to advance their promising pipeline of drug candidates.
Company Overview
As a notable player in biopharmaceuticals, Can-Fite is focused on addressing substantial market opportunities within healthcare. Their noteworthy drug, Piclidenoson, is undergoing pivotal trials, demonstrating its potential in treating psoriasis. Preliminary results have yielded optimism for its efficacy and safety, which could pave the way for approvals in various markets.
In addition to Piclidenoson, Can-Fite is making significant strides with Namodenoson, a drug being investigated for treating hepatocellular carcinoma (HCC) through a Phase III trial, as well as potential applications in other cancers such as colon and prostate. This drug has already received Orphan Drug Designation and Fast Track Designation due to its promising profile.
Moreover, CF602, another drug candidate targeting erectile dysfunction, has also shown encouraging results. With a safety profile established through studies involving over 1,600 patients, Can-Fite is well-positioned to bring these therapies to market.
Contact Information
For further information or inquiries related to the offering, interested parties can reach out to Can-Fite BioPharma. Motti Farbstein can be contacted either via email at info@canfite.com or by phone at +972-3-9241114.
Frequently Asked Questions
What is the amount Can-Fite is looking to raise?
Can-Fite aims to raise up to $15 million through this public offering.
What will the funds be used for?
The funds will primarily support research and development efforts, clinical trials, and other operational needs.
Who is managing the public offering?
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
What are the key drugs in Can-Fite’s pipeline?
Can-Fite is advancing several drug candidates, including Piclidenoson and Namodenoson, which target various cancers and inflammatory diseases.
How can I learn more about Can-Fite?
For detailed information, you can visit their official website or contact their office directly.
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