- Namodenoson:
- Commences enrollment in Phase II
NAFLD/NASH trial
- Completes enrollment in Phase II
liver cancer trial
- Receives milestones payment from
Korean distributor
- Piclidenoson:
- Commences enrollment in Phase III
rheumatoid arthritis trial as a replacement for standard of care
MTX
Can-Fite BioPharma Ltd. (NYSE MKT:CANF) (TASE:CFBI), a
biotechnology company advancing a pipeline of proprietary small
molecule drugs that address cancer, liver and inflammatory
diseases, today reported financial results for the nine months
ended September 30, 2017 and provided clinical and corporate
updates.
Clinical Development Program and Corporate Highlights
Include:
Namodenoson (CF102): Advances Phase II
Trials and Receives Milestone Payment
- First Patient Enrolled in Phase II
Trial for Treatment of NAFLD/NASH
Patient enrollment has commenced in Can-Fite’s Phase II trial of
Namodenoson in the treatment of non-alcoholic fatty liver disease
(NAFLD) and non-alcoholic steatohepatitis (NASH). The 12-week trial
is enrolling approximately 60 patients and is estimated to cost
less than $1 million. There is currently no U.S. FDA approved drug
for the indication of NASH, which is an addressable pharmaceutical
market estimated to reach $35-40 billion by 2025.
- Milestone Payment Received for
Distribution of Namodenoson in Korea for the Treatment of Liver
Cancer
During the third quarter of 2017, Can-Fite received a milestone
payment of $500,000 from Chong Kun Dang Pharmaceuticals (CKD),
which licensed the exclusive right to distribute Namodenoson for
the treatment of liver cancer in Korea upon receipt of regulatory
approvals. The payment is part of a deal worth up to $3,000,000 in
upfront and milestone payments plus 23% royalties.
- Patient Enrollment Completed in
Phase II Liver Cancer Trial of Namodenoson
Can-Fite completed enrollment during the third quarter of 2017
and randomized all 78 patients in its global Phase II study of
Namodenoson in the treatment of hepatocellular carcinoma (HCC), the
most common form of liver cancer. Patients with advanced HCC, Child
Pugh B, were enrolled in the U.S., Europe and Israel. The primary
endpoint of the Phase II study is overall survival. Can-Fite is
following the survival data closely and plans to perform the
survival analysis at the earliest possible opportunity. The HCC
market is expected to generate $1.4 billion in sales in 2019.
- Data Presented on Namodenoson at
NASH Summit Europe and The Liver Meeting®
Dr. Pnina Fishman, Can-Fite’s CEO, joined global thought-leaders
in the treatment of NASH at the NASH Summit Europe in October, in
Frankfurt, Germany, where she delivered a presentation titled, “The
Anti-Fibrogenic and Liver Protective Effects of Namodenoson
(CF102): From Preclinical to Human Studies.”
Can-Fite also presented two scientific posters at the American
Association for the Study of Liver Diseases (AASLD) annual
conference, The Liver Meeting® in Washington, D.C. in October. The
posters were titled “Namodenoson (CF102) Prevents Liver Fibrosis in
the CCL4 Model” and “The Anti-Fibrogenic and Liver Protective
Effects of Namodenoson (CF102) in a Non-Alcoholic Steatohepatitis
model.”
Piclidenoson (CF101): Commences Patient
Enrollment and Dosing in ACRobat Phase III Trial in Rheumatoid
Arthritis
Patient enrollment and dosing has commenced in Can-Fite’s Phase
III ACRobat trial that is evaluating Piclidenoson as a first line
treatment and replacement for the current standard of care,
Methotrexate (MTX), the most widely used drug for rheumatoid
arthritis. The trial is enrolling approximately 500 patients in
Europe, Canada and Israel. The estimated cost of the entire 24-week
Phase III study is approximately $5 million. An estimated 90% of
rheumatoid arthritis patients receive MTX at some point in their
disease. However, studies show that up to 50% of patients stop
taking MTX due to reasons including drug intolerance, minor and
major side effects, and lack of efficacy, creating a significant
need for a new, safe and effective treatment option in the
rheumatoid arthritis treatment market which is forecast to reach
$34.6 billion by 2020.
Can-Fite is also advancing Piclidenoson towards a Phase III
trial in the treatment of psoriasis which is expected to commence
in 2018. The upcoming trial will investigate the efficacy and
safety of Piclidenoson compared to placebo as its primary endpoint
and as compared to apremilast (Otezla®) as its secondary endpoint
in approximately 400 patients with moderate-to-severe plaque
psoriasis. The psoriasis market is forecast to be $8.9 billion in
2018 and Otezla® sales are estimated to be $2.35 billion by
2020.
Expands Intellectual
Property
Can-Fite was issued a new patent from the Korean Intellectual
Property Office for Piclidenoson titled, “Pharmaceutical
Composition Comprising A3 Adenosine Receptor Agonist
(IB-MECA/CF-101) For Treatment of Psoriasis.”
A new patent application was filed by Can-Fite to protect the
use of its drugs and other ligands which target the A3 adenosine
receptor (A3AR) in the treatment of cytokine release syndrome
(CRS), a potentially life-threatening complication of CAR-T cell
therapy. CAR-T is viewed by the medical community as a very
promising cancer immunotherapy, however, CRS, which is caused by an
overactive immune response to the treatment, has been identified as
a potentially severe and life-threatening side effect of CAR-T. Can
Fite’s platform technology selectively targets A3AR, which plays a
central role in mediating the mechanism of inflammation in CRS, and
as such, Can-Fite believes that A3AR targeting may serve as an
important treatment option for patients in reducing the risk of CRS
without limiting the utility of the underlying cancer
immunotherapy.
Can-Fite’s Former Subsidiary OphthaliX
Successfully Completes Merger with Wize Pharma
Can-Fite’s former majority-owned subsidiary, OphthaliX Inc.
(since renamed Wize Pharma, Inc.) recently completed a merger with
Wize Pharma Ltd. As a result of the merger, Can-Fite’s ownership of
OphthaliX, immediately post-merger, became approximately 8% of the
outstanding shares of common stock. In addition, immediately prior
to the merger, OphthaliX sold on an “as is” basis to Can-Fite all
the ordinary shares of Eyefite Ltd., a former wholly owned
subsidiary of OphthaliX, in exchange for the irrevocable
cancellation and waiver of all indebtedness owed by OphthaliX and
Eyefite to Can-Fite, including approximately $5 million of deferred
payments and, as part of the purchase of Eyefite, Can-Fite also
assumed certain accrued milestone payments in the amount of
$175,000 under a license agreement previously entered into with the
U.S. National Institutes of Health (NIH). In addition, as a result
of the merger, an exclusive license of Piclidenoson (CF101) for the
treatment of ophthalmic diseases previously granted by Can-Fite to
OphthaliX and a related services agreement was terminated.
“We are pleased to be on target with commencing patient
enrollment in our Phase III rheumatoid arthritis and Phase II in
NAFLD/NASH studies. Namodenoson is gaining increasing recognition
in the medical community, as evidenced by our recent scientific
presentations, for its liver protective properties in both NASH and
liver cancer. In 2018, we look forward to initiating our Phase III
study of Piclidenoson in psoriasis, as well as potentially
announcing top line data on our Phase II liver cancer study of
Namodenoson,” Dr. Fishman stated.
Financial Results
Revenues for the nine months ended September 30, 2017 were NIS
2.61 million (U.S. $0.74 million) compared to NIS 0.64 million
(U.S. $0.18 million) in the first nine months of 2016. The increase
in revenue was mainly due to payment received of NIS 1.8 million
(U.S. $0.5 million) in August 2017 under the distribution agreement
with CKD.
Research and development expenses for the nine months ended
September 30, 2017 were NIS 12.7 million (U.S. $3.6 million)
compared with NIS 15.45 million (U.S. $4.38 million) for the same
period in 2016. Research and development expenses for the nine
months ended September 30, 2017 comprised primarily of expenses
associated with the Phase II study for Namodenoson as well as
expenses for ongoing studies of Piclidenoson. The decrease is
primarily due to a reduction in preclinical studies of CF602
conducted during the nine months ended September 30, 2017.
General and administrative expenses were NIS 7.48 million (U.S.
$2.12 million) for the nine months ended September 30, 2017,
compared to NIS 7.88 million (U.S. $2.23 million) for the same
period in 2016. The decrease in general and administrative expenses
was mainly due to a decrease in investor relations expenses.
Financial income, net for the nine months ended September 30,
2017 aggregated NIS 3.91 million (U.S. $1.11 million) compared to
financial income, net of NIS 3.12 million (U.S. $0.88 million) for
the same period in 2016. The increase in financial income, net in
the nine months ended September 30, 2017 was mainly from a larger
decrease in the fair value of warrants that are accounted for as
financial liability as compared to the same period in 2016, offset
by exchange rate differences as compared to the same period in 2016
and from issuance expenses.
Can-Fite's net loss for the nine months ended September 30, 2017
was NIS 13.75 million (U.S. $3.90 million) compared with a net loss
of NIS 19.56 million (U.S. $5.54 million) for the same period in
2016. The decrease in net loss for the nine months ended September
30, 2017 was primarily attributable to a decrease in research and
development expenses.
As of September 30, 2017, Can-Fite had cash and cash equivalents
of NIS 18.02 million (U.S. $5.11 million) as compared to NIS 31.2
million (U.S. $8.84 million) at December 31, 2016. The decrease in
cash during the nine months ended September 30, 2017 is due to use
of cash to fund operating expenses.
For the convenience of the reader, the reported NIS amounts have
been translated into U.S. dollars, at the representative rate of
exchange on September 30, 2017 (U.S. $1 = NIS 3.529).
The Company's consolidated financial results for the nine months
ended September 30, 2017 are presented in accordance with
International Financial Reporting Standards.
About Can-Fite BioPharma Ltd.
Can-Fite BioPharma Ltd. (NYSE American: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
currently in a Phase III trial for rheumatoid arthritis and is
expected to enter a Phase III trial for psoriasis in early 2018.
Can-Fite's liver cancer drug, Namodenoson, is in Phase II trials
for hepatocellular carcinoma (HCC), the most common form of liver
cancer, and 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 HCC 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 the Company is
investigating additional compounds, targeting A3AR, for the
treatment of sexual dysfunction. 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, 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. Factors that could cause our actual results to differ
materially from those expressed or implied in such forward-looking
statements include, but are not limited to: the initiation, timing,
progress and results of our preclinical studies, clinical trials
and other product candidate development efforts; our ability to
advance our product candidates into clinical trials or to
successfully complete our preclinical studies or clinical trials;
our receipt of regulatory approvals for our product candidates, and
the timing of other regulatory filings and approvals; the clinical
development, commercialization and market acceptance of our product
candidates; our ability to establish and maintain corporate
collaborations; the implementation of our business model and
strategic plans for our business and product candidates; the scope
of protection we are able to establish and maintain for
intellectual property rights covering our product candidates and
our ability to operate our business without infringing the
intellectual property rights of others; estimates of our expenses,
future revenues, capital requirements and our needs for additional
financing; competitive companies, technologies and our industry;
statements as to the impact of the political and security situation
in Israel on our business; and risks and other risk factors
detailed 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.
INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
In thousands (except for share and per
share data)
Conveniencetranslationinto U.S.
dollars
September 30, September 30,
December 31, 2017 2017 2016
Unaudited Audited USD NIS ASSETS
CURRENT ASSETS: Cash and cash equivalents 5,106
18,018 31,203 Other receivable and prepaid expenses 3,609 12,737
7,664
Total current
assets
8,715 30,755 38,867 NON-CURRENT ASSETS: Lease
deposits 8 28 37 Property, plant and equipment, net 47 168 205
Total long-term
assets
55 196 242
Total
assets
8,770 30,951 39,109
INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
In thousands (except for share and per
share data)
Conveniencetranslationinto U.S.
dollars
September 30, September 30, December
31, 2017 2017 2016
Unaudited Audited USD NIS
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES:
Trade payables 416 1,470 4,804 Deferred revenues 302 1,066
1,237 Other accounts payable 662 2,337 3,588
Total current
liabilities
1,380 4,873 9,629 NON-CURRENT
LIABILITIES: Warrants exercisable into shares 2,820 9,951
10,068 Deferred revenues 1,100 3,882 4,510
Total long-term
liabilities
3,920 13,833 14,578 CONTINGENT
LIABILITIES AND COMMITMENTS EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY: Share capital 2,349 8,289 7,039
Share premium 96,787 341,561 332,873 Capital reserve from
share-based payment transactions 6,141 21,670 20,438 Warrants
exercisable into shares (series 10-12) 2,545 8,983 8,983 Treasury
shares, at cost (1,028 ) (3,628 ) (3,628 ) Accumulated other
comprehensive loss (267 ) (943 ) (883 ) Accumulated deficit
(103,060 ) (363,699 ) (349,953 )
Total equity
attributable to equity holders of the Company
3,467 12,233 14,869 Non-controlling
interests 3 12 33
Total
equity
3,470 12,245 14,902
Total liabilities
and equity
8,770 30,951 39,109
INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
In thousands (except for share and per
share data)
Conveniencetranslationinto U.S.
dollars
Nine months ended September 30, 2017
2017 2016
Unaudited USD NIS NIS Revenues
740 2,611 643 Research and development
expenses 3,598 12,699 15,449 General and administrative expenses
2,120 7,481 7,878 Operating loss 4,978
17,569 22,684 Finance expenses 1,000
3,529 1,411 Finance income (2,107 ) (7,434 ) (4,535 ) Loss
before taxes on income 3,871 13,664 19,560 Taxes on income 26
90 - Net loss 3,897 13,754
19,560 Other comprehensive loss (income):
Total components that will be or that have
been reclassified to profit or loss:
Adjustments arising from translating financial statements of
foreign operations 21 73 (10 ) Total
comprehensive loss 3,918 13,827 19,550
Net loss attributable to: Equity holders of the Company 3,895
13,746 19,294 Non-controlling interests 2 8 266
3,897 13,754 19,560 Total
comprehensive loss attributable to: Equity holders of the Company
3,912 13,806 19,286 Non-controlling interests 6 21
264 3,918 13,827 19,550
Net loss per share attributable to equity holders of the Company :
Basic and diluted net loss per share 0.12 0.42 0.70
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171127005205/en/
Can-Fite BioPharmaMotti Farbstein,
+972-3-9241114info@canfite.com
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