PETACH TIKVA, Israel, Feb. 11, 2014 /PRNewswire/ -- Can-Fite BioPharma Ltd. (TASE: CFBI), (NYSE MKT: CANF), a biotechnology company with a pipeline of proprietary small molecule drugs that address inflammatory and cancer diseases, today commented on the overall growth of the global rheumatoid arthritis market opportunity and the potential impact for the Company's proprietary drug CF101.
According to independent business information provider visiongain, the global rheumatoid arthritis (RA) drug market is predicted to generate revenues of $38.5bn in 2017. That forecast and others appear in Rheumatoid Arthritis (RA): World Drug Market 2013-2023, published in April 2013. Jennifer Taylor, a pharmaceutical industry analyst at visiongain, was quoted saying: "The strengths of the RA drug market stem from the high profile of the disease, which requires long term drug treatment, generating high volumes of sales. Also, variability in response rates among patients means that the market can support a high number of products."
Dr. Pnina Fishman, Chief Executive Officer of Can-Fite, commented, "There are several factors that make our story exciting. First, the size of the industry is enormous by any standard - we have cited that the rheumatoid arthritis market will reach $18 billion by 2020 according to Datamonitor while a more recent study by visiongain estimates the overall rheumatoid arthritis drug market will generate $38.5 billion by 2017. Second, we are the only Company providing a solution to the lack of personalized approach to diagnosing patients with our utilization of the A3 adenosine receptor (A3AR) as a biological predictive marker which helps to identify individual patients' responses to CF101 our proprietary drug for the treatment of rheumatoid arthritis. Furthermore, after receiving positive data results demonstrating proof of concept for CF101, we are confident that the Company is moving in the right direction to partake in this market opportunity."
Can-Fite recently announced in late December, results from a 12-week study of 79 patients with active rheumatoid arthritis (RA) for its proprietary drug CF101, an A3 adenosine receptor (A3AR) agonist. The Phase IIb RA study showed that CF101 met all primary efficacy endpoints with statistically significant superiority over placebo in reducing signs and symptoms of RA as compared to the placebo. The results provided proof of concept data needed to move forward to pursue End-of-Phase II completion with a planned Phase III study to follow.
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). Level II American Depository Receipts of the Company currently trade on the NYSE MKT (NYSE MKT: CANF). Can-Fite, which commenced business activity in 2000, and was founded by Pnina Fishman, Ph.D., researcher in the Rabin Medical Center, and 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 the A3AR is developed as a biological predictive marker. Can-Fite's lead drug candidate, CF101, is in clinical development for the treatment of autoimmune inflammatory diseases including Rheumatoid Arthritis and Psoriasis. Can-Fite's CF102 drug candidate is being developed for the treatment of liver diseases and CF602 is being developed for the treatment of inflammation and sexual dysfunction. To date, more than 700 patients have participated in clinical trials conducted by Can-Fite. Can-Fite previously spun off its activity in the ophthalmic field to OphthaliX Inc., in which it holds 82%, and is currently listed on the U.S. Over-the-Counter Markets (OTCQB: OPLI).
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. 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.
SOURCE Can-Fite BioPharma Ltd.