Can-Fite's Level II ADRs Commence Trading on the U.S. OTC Markets
September 12 2013 - 8:19AM
Marketwired
Can-Fite BioPharma Ltd. (TASE: CFBI), (OTCQB:
CANFY), a biotechnology company with a pipeline of proprietary
small molecule drugs that address inflammatory and cancer diseases,
announced today that its shares have been approved for trading as a
Level II American Depositary Receipt ("ADR") program on the U.S.
Over-the-Counter Markets (the "OTC Markets"). The Company's shares
were previously traded as a Level I ADR program on the OTC Markets.
Can-Fite's ADR facility is established with The Bank of New York
Mellon. Each ADR, tradable under the ticker symbol "CANFY",
represents two ordinary shares of the Company.
"We are pleased to have moved up to trading as a Level II ADR
program. As a result of the upgrade from a Level I to a Level II
program, Can-Fite will now be fully reporting as a foreign private
issuer in the United States. Our drug candidates are in Phase II
and Phase III trials around the world and, with several drugs now
in U.S. Food and Drug Administration ("FDA") trials, we believe
that this is the appropriate time to introduce Can-Fite to U.S.
investors," stated Can-Fite's Chief Executive Officer, Dr. Pnina
Fishman.
In September 2013, Can-Fite presented at the Rodman &
Renshaw Global Investment Conference in New York and is scheduled
to present at the Aegis Capital Healthcare Conference in Las Vegas.
For more information, please contact Robert Haag at 1-866-976-IRTH
(4784) or canfy@irthcommunications.com.
Can-Fite is currently conducting Phase II and Phase III trials
in the United States, Europe and Israel for five indications in
cancer, autoimmune inflammatory disease and ophthalmology, which
together serve multi-billion dollar markets. The results of a Phase
III study in Dry Eye Syndrome, which Can-Fite is conducting on
behalf of OphthaliX Inc., in which it currently holds approximately
82% of the issued and outstanding common stock, and a Phase II
study in Rheumatoid Arthritis are expected to be announced in the
fourth quarter of 2013. In addition, Can-Fite's CF102 drug
candidate has been granted Orphan Drug Designation by the FDA for
the treatment of liver cancer.
About Can-Fite Biopharma Ltd.
Can-Fite BioPharma Ltd. is an Israeli public company, the
ordinary shares of which are traded on the Tel Aviv Stock Exchange
(the "TASE") (TASE: CFBI). ADRs of Can-Fite are traded on the OTC
Markets (OTCQB: CANFY). Can-Fite, which commenced business activity
in 2000, was founded by Dr. Pnina Fishman, Ph.D., researcher in the
Rabin Medical Center, and Dr. Ilan Cohn Ph.D., patent attorney and
senior partner at Reinhold Cohn Patent Attorneys in Israel. Dr.
Fishman serves as the Chief Executive Officer of Can-Fite. Dr.
Fishman founded Can-Fite on the basis of her scientific findings,
and Can-Fite is focused on the development of small molecule orally
bioavailable drugs, in particular, ligands that bind to the A3
adenosine receptor. Such drugs mediate anti-inflammatory and
anti-cancer effects and are suggested as a biological predictive
marker. Can-Fite's lead drug candidate, CF101, is in clinical
development for the treatment of autoimmune inflammatory diseases.
Can-Fite's CF102 drug candidate is being developed for the
treatment of liver diseases. To date, more than 700 patients have
participated in clinical trials conducted by Can-Fite. Can-Fite
previously licensed its activity in the ophthalmic field to
OphthaliX Inc., in which it holds a controlling interest and which
is currently listed on the OTC Markets (OTCQB: OPLI).
Safe Harbor Statement
This press-release contains forward-looking statements, about
Can-Fite's expectations, beliefs or intentions regarding, among
other things, its product development efforts, business, financial
condition, results of operations, strategies or prospects. In
addition, from time to time, Can-Fite or its representatives have
made or may make forward-looking statements, orally or in writing.
Forward-looking statements can be identified by the use of
forward-looking words such as "believe," "expect," "intend,"
"plan," "may," "should" or "anticipate" or their negatives or other
variations of these words or other comparable words or by the fact
that these statements do not relate strictly to historical or
current matters. These forward-looking statements may be included
in, but are not limited to, various filings made by Can-Fite with
the U.S. Securities and Exchange Commission (the "SEC"), press
releases or oral statements made by or with the approval of one of
Can-Fite's authorized executive officers. Forward-looking
statements relate to anticipated or expected events, activities,
trends or results as of the date they are made. Because
forward-looking statements relate to matters that have not yet
occurred, these statements are inherently subject to risks and
uncertainties that could cause Can-Fite's actual results to differ
materially from any future results expressed or implied by the
forward-looking statements. Many factors could cause Can-Fite's
actual activities or results to differ materially from the
activities and results anticipated in such forward-looking
statements, including, but not limited to, the factors summarized
in Can-Fite's filings with the SEC and in its periodic filings with
the TASE.
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Contact: IRTH Communications Robert Haag Email Contact
1-866-976-IRTH (4784)