Can-Fite Announces ADS Ratio Change

Can-Fite Announces ADS Ratio Change

PETACH TIKVA, Israel, May 1, 2019 --

Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE:CFBI), a biotechnology company with a pipeline of proprietary small molecule

drugs that address cancer, liver and inflammatory diseases, announced today that the Company will change the ratio of its American

Depositary Shares (ADSs) to ordinary shares from one (1) ADS representing two (2) ordinary shares to a new ratio of one (1) ADS

representing thirty (30) ordinary shares. The ratio change will be effective on May 10, 2019.

For ADS holders, the ratio change will

have the same effect as a one-for-fifteen reverse ADS split. On the effective date, each ADS holder will be required to exchange

every fifteen (15) ADSs then held for one (1) new ADS. The Bank of New York Mellon, the depositary bank, will arrange for the exchange

of the current ADSs for the new ones. There is no change to the Company's underlying ordinary shares, and the Company's ADSs

will continue to trade on the NYSE American under the symbol "CANF".

No fractional new ADSs will be issued

in connection with the change in the ADS ratio. Instead, fractional entitlements to new ADSs will be aggregated and sold by the

depositary bank and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes and

expenses) will be distributed to the applicable ADS holders by the depositary bank.

As a result of the change in the ADS

ratio, the ADS price is expected to increase proportionally, although the Company can give no assurance that the ADS price after

the change in the ADS ratio will be equal to or greater than fifteen times the ADS price before the change.

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 Phase III trials for rheumatoid arthritis and psoriasis. Can-Fite's liver cancer drug, Namodenoson,

recently completed a Phase II trial for hepatocellular carcinoma (HCC), the most common form of liver cancer, and is 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 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:

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 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.