Can-Fite Completes Development of an Assay to Identify Clinically Active Cannabis Derived Compounds
July 20 2020 - 7:00AM
Business Wire
- An in vitro biological assay that can ‘fish’ clinically
active cannabis derived compounds with potential efficacy for the
treatment of specific diseases
- The assay will be marketed on a ‘fee for service’ basis to
cannabis companies worldwide
Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE:CFBI), a
biotechnology company advancing a pipeline of proprietary small
molecule drugs that address inflammatory, cancer and liver
diseases, announced today it has completed the development of a
biological cell-based in vitro assay which can identify clinically
active cannabis derived compounds that bind to and activate the A3
adenosine receptor (A3AR), thus enabling the development of
pharmaceuticals that use a specific cannabis derived compound to
treat a variety of diseases. Numerous studies published in peer
reviewed scientific journals demonstrate that cannabis derived
compounds bind to the Gi protein-coupled A3AR, which is
over-expressed in pathological cells and tissues.
As a global leader in discovering and developing drugs which
target A3AR, Can-Fite is utilizing its platform technology to
develop cannabis derived compounds for the treatment of unmet
medical needs. Can-Fite has a strategic partnership with Univo
Pharmaceuticals, a medical cannabis company.
In addition to using its assay in the development of its own
cannabis derived compound-based therapeutics, Can-Fite plans to
market the assay on a ‘fee for service’ basis to researchers and
other cannabis companies worldwide.
“This new assay, combined with our unparalleled expertise in the
development of therapeutics that target A3AR, enable Can-Fite to
contribute to unlocking the vast potential of cannabis derived
compounds for the effective treatment of specific diseases,” stated
Can-Fite CEO Dr. Pnina Fishman.
According to Adroit Market Research, the medical cannabis market
is projected to grow at a CAGR of 29% to $56.7 billion by 2026.
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 COVID-19. The
Company's lead drug candidate, Piclidenoson, is currently in Phase
III trials for rheumatoid arthritis and psoriasis. Can-Fite's liver
drug, Namodenoson, is headed into a Phase III trial for
hepatocellular carcinoma (HCC), the most common form of liver
cancer, and successfully achieved its primary endpoint in a Phase
II trial 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. These drugs have an excellent safety profile with
experience in over 1,500 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: our history of losses
and needs for additional capital to fund our operations and our
inability to obtain additional capital on acceptable terms, or at
all; uncertainties of cash flows and inability to meet working
capital needs; the impact of the recent outbreak of coronavirus;
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 strategic partnerships and other 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; 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200720005154/en/
Can-Fite BioPharma Motti Farbstein info@canfite.com
+972-3-9241114
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