Connect with us

Hi, what are you looking for?

Jewish Business News

VC, Investments

Can-Fite Raises NIS 21.3 Million ($5.9 Million) Ahead Of NYSE Listing

Can-Fite will use the proceeds to increase its shareholders’ equity to meet the criteria for listing its ADRs on the NYSE.

rsz_220_220_pnina-Fishman220

 Can-Fite CEO Pnina Fishman

Can-Fite BioPharma Ltd. (TASE:CFBI; Bulletin Board: CANFY) raised a gross NIS 21.3 million in an offering of shares and warrants on the Tel Aviv Stock Exchange (TASE) Wednesday. Can-Fite will use the proceeds from the offering to increase its shareholders’ equity to meet the criteria for listing its American Depository Receipts (ADRs) on the New York Stock Exchange (NYSE). The offering was oversubscribed 300%, with NIS 53.9 million in orders. Can-Fite offered 3, 600 units of 500 shares at NIS 10 per share and 375 warrants at no cost, for a total of NIS 5, 800 per unit. Roth Capital Partners LLC was the advisor for the offering.

The listing on the NYSE should take place before Can-Fite publishes the results of the Phase IIb clinical trial of CF101 for the treatment of rheumatoid arthritis and before subsidiary OphthaliX Inc. (Bulletin Board: OPLI) publishes the results of the Phase III clinical trial of CF101 for the treatment of dry eye syndrome. The companies are due to publish the trials’ results in late December.

Can-Fite will also use the proceeds to support its clinical trials of CF1010 for various indications, including rheumatoid arthritis, dry eye syndrome, and psoriasis (a Phase II/III trial), as well as glaucoma and uveitis (Phase II studies by OphthaliX); and CF102 for the treatment of hepatocellular carcinoma (a Phase I/II clinical trial).

Can-Fite CEO Pnina Fishman said, “The successful offering will enable us to optimally implement all activities to advance and complete our clinical trials across a wide range of indications, some of which target markets worth hundreds of millions of dollars or more. This success, coupled with and subject to success in the clinical trials which are almost completed, will Can-Fite to open negotiations with potential business partners from a position of strength and to maximize the medications and the company’ value for the benefit of the shareholders.”

Published by www.globes-online.com 

Click to comment

Newsletter

Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.

Advertisement