PETACH TIKVA, Israel,
Jan. 19, 2017 /PRNewswire/
-- Can-Fite BioPharma Ltd. (NYSE MKT: CANF)
(TASE:CFBI), a biotechnology company advancing 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 receive gross
proceeds of $5 million.
In connection with the offering, the Company will issue
2,500,000 registered American Depository Shares (ADSs) of Can-Fite
at a purchase price of $2.00 per ADS
in a registered direct offering. Additionally, for each ADS
purchased by investors, the investors will receive an unregistered
warrant to purchase 50% of an ADS. The warrants have an
exercise price of $2.25 per ADS,
shall be exercisable six months following the issuance date and
will expire five and one-half years from the issuance
date. The closing of the offering is expected to take place on
or about January 24, 2017, subject to
the satisfaction of customary closing conditions.
Rodman & Renshaw, a unit of H.C.
Wainwright & Co. is acting as the exclusive placement
agent in connection with this offering.
The ADSs described above (but not the warrants or the ADSs
underlying the warrants) are being offered pursuant to a shelf
registration statement (File No. 333-199033) which became effective
on October 21, 2014. Such ADSs may be
offered only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
The warrants described above were offered in a private
placement under Section 4(a)(2) of the Securities Act of 1933, as
amended (the "Act"), and Regulation D promulgated thereunder and,
along with the ADSs issuable upon their exercise, have not been
registered under the Act, and may not be offered or sold in
the United States absent
registration with the SEC or an applicable exemption from such
registration requirements.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein. There shall not be any offer, solicitation of an offer to
buy, or sale of securities in any state or jurisdiction in which
such an offering, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. The Company will file a prospectus
supplement with the SEC relating to such ADSs, and following such
filing, copies of the prospectus supplement and the accompanying
base prospectus relating to this offering may be obtained at the
SEC's website at http://www.sec.gov, or from H.C. Wainwright & Co. by e-mailing
placements@hcwco.com.
About Can-Fite BioPharma Ltd.
Can-Fite BioPharma Ltd. (NYSE MKT: CANF) (TASE: CFBI) is an
advanced clinical stage drug development Company with a platform
technology that is designed to address multi-billion dollar markets
in the treatment of cancer, inflammatory disease and sexual
dysfunction. The Company's lead drug candidate, Piclidenoson, is
scheduled to enter Phase III trials in 2017 for two indications,
rheumatoid arthritis and psoriasis. The rheumatoid arthritis Phase
III protocol has recently been agreed with the European Medicines
Agency. Can-Fite's liver cancer drug Namodenoson is in Phase II
trials for patients with liver cancer and is slated to enter Phase
II for the treatment of non-alcoholic steatohepatitis (NASH).
Namodenoson has been granted Orphan Drug Designation in the U.S.
and Europe and Fast Track
Designation as a second line treatment for hepatocellular carcinoma
by the U.S. Food and Drug Administration. Namodenoson has also
shown proof of concept to potentially treat other cancers including
colon, prostate, and melanoma. CF602, the Company's third drug
candidate, has shown efficacy in the treatment of erectile
dysfunction in preclinical studies and is being prepared for an IND
submission to the FDA and a Phase I trial. These drugs have an
excellent safety profile with experience in over 1,000 patients in
clinical studies to date. For more information please
visit: www.can-fite.com.
Forward-Looking Statements
This press release may contain forward-looking statements, about
Can-Fite's expectations, beliefs or intentions regarding, among
other things, market risks and uncertainties and Can-Fite's
ability to satisfy all the conditions to the closing of the
proposed offering, 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, 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. In addition, Can-Fite operates in an industry sector
where securities values are highly volatile and may be influenced
by economic and other factors beyond its control. Can-Fite does not
undertake any obligation to publicly update these forward-looking
statements, whether as a result of new information, future events
or otherwise.
Contact
Can-Fite BioPharma
Motti Farbstein
info@canfite.com
+972-3-9241114
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SOURCE Can-Fite BioPharma Ltd.