Can-Fite’s Former Subsidiary OphthaliX Successfully Completes Merger with Wize Pharma
PETACH TIKVA, Israel, November 17, 2017 -- Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE:CFBI), a biotechnology company advancing a pipeline of proprietary small molecule drugs that address cancer, liver and inflammatory diseases, today announced that its previously majority owned subsidiary OphthaliX, Inc. (renamed Wize Pharma, Inc. (OTC Pink: WIZP)) has successfully 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. As part of the merger, Can-Fite cancelled OphthaliX’s prior debts to Can-Fite and has terminated an exclusive license to OphthaliX of Can-Fite’s Piclidenoson (CF101) drug candidate for the treatment of ophthalmic diseases. These rights revert back to Can-Fite. All Can-Fite executives and board members who had held executive and board positions at OphthaliX have resigned from their respective positions at OphthaliX.
“With the completion of this transaction, Can-Fite moves forward solely focused on our advanced stage clinical programs for our drug candidates Piclidenoson and Namodenoson in Phase II and III trials for autoimmune, oncology and liver diseases,” stated Can-Fite CEO Dr. Pnina Fishman. “We wish Wize Pharma well in their development of treatments for ophthalmic disorders.”
About Piclidenoson (CF101)
Piclidenoson is a novel, first-in-class, A3 adenosine receptor agonist (A3AR) small molecule, orally bioavailable drug with a favorable therapeutic index demonstrated in Phase II clinical studies. Piclidenoson is currently under development for the treatment of autoimmune inflammatory diseases. It is being evaluated in a Phase III study as a first line treatment, to replace MTX, in the treatment of rheumatoid arthritis. Piclidenoson is also slated to enter a Phase III study in the treatment of moderate-to-severe psoriasis in 2018.
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 scheduled to enter a Phase III trial for rheumatoid arthritis in 2017 and a Phase III trial for psoriasis in early 2018. The rheumatoid arthritis Phase III protocol has recently been agreed with the European Medicines Agency. Can-Fite's liver cancer drug CF102 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). CF102 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. CF102 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.
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