PETACH TIKVA, Israel, Nov. 20, 2013 /PRNewswire/ -- Can-Fite BioPharma (NYSE MKT: CANF), (TASE: CFBI), a biotechnology company with a pipeline of proprietary small molecule drugs that address anti-inflammatory and cancer diseases, has just completed delivering a scientific presentation at Elsevier's 2013 Therapeutic Area Partnerships conference, where it is has generated considerable partnership and licensing interest in its CF101 product. The presentation focused on Can-Fite's CF101 for the treatment of autoimmune and anti-inflammatory diseases. The Company's successful conference participation comes on the heels of Can-Fite's ADRs up-listing on Tuesday, November 19 to the NYSE MKT, gaining greater financial markets exposure.
Can-Fite recently announced it has executed confidentiality agreements with 10 established pharmaceutical and biotechnology companies with respect to potential negotiations for the commercialization of CF101 for the treatment of autoimmune inflammatory indications. The Company already has licensing agreements in place for up to approximately $22 million in upfront and milestone payments, plus royalties upon commercialization for CF101 for anti-inflammatory indications with Seikagaku Corporation in Japan and with Kwang Dong Pharmaceutical Co. Ltd in South Korea. Can-Fite has already received approximately $8 million in upfront and milestone payments to date.
CF101 was selected as one of the "Top Autoimmune/Anti-Inflammatory Disease Projects to Watch" by Elsevier Business Intelligence, the publisher of In Vivo and The Pink Sheet, and a global leader in the field of healthcare industry information. Many companies selected by Elsevier in previous years have gone on to establish major partnerships with large pharmaceutical companies.
"This week Can-Fite has reached some important milestones. Our ADRs just up-listed to the NYSE, and we received considerable attention and positive feedback at the Therapeutic Area Partnerships conference. We are always interested in broadening and deepening our relationships with potential future partners," stated Can-Fite CEO Dr. Pnina Fishman. "Before the end of 2013, we are scheduled to announce the results of our Phase II trials for CF101 in the treatment of rheumatoid arthritis and data from our Phase III trials of CF 101 for the treatment of dry eye syndrome, which is licensed to our subsidiary OphthaliX."
CF101's anti-inflammatory indications include psoriasis, for which the Company is now conducting Phase III trials in the U.S., Europe and Israel. The global market for treating psoriasis was $3.3 billion in 2010 and is projected to reach $6.7 billion by 2018, according to Global Data. Phase II trials are also being conducted for CF101 in the treatment of rheumatoid arthritis in the U.S., Europe and Israel, with results expected to be announced during the fourth quarter of 2013. Global Data estimates that the global market for rheumatoid arthritis therapeutics was $12 billion in 2010 and is projected to reach $18 billion by 2020.
About Therapeutic Area Partnerships
A meeting for the sharpest minds in biopharma. Since its launch eight years ago, Therapeutic Area Partnerships (TAP) has come to be regarded as the industry's premier biopharmaceutical partnering event. A uniquely efficient gathering, TAP brings together decision-makers to assess the most promising drug programs available for partnering
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, 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 are suggested as a biological predictive marker. Can-Fite's lead drug candidate, CF101, is in clinical development for the treatment of autoimmune inflammatory diseases. Can-Fite's CF102 drug candidate is being developed for the treatment of liver diseases and its CF602 drug 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 licensed its activity in the ophthalmic field to OphthaliX Inc., in which it holds a controlling interest and which 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