Can-Fite Announces ADS Ratio Change

Can-Fite Announces ADS Ratio Change

PETACH TIKVA, Israel, December 30, 2022 -- Can-Fite

BioPharma Ltd. (NYSE American: CANF) (TASE: CANF), a biotechnology company advancing a pipeline of proprietary small molecule drugs that

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

(ADSs) to ordinary shares from one (1) ADS representing thirty (30) ordinary shares to a new ratio of one (1) ADS representing three hundred

(300) ordinary shares. The ratio change will be effective on January 9, 2023.

For ADS holders, the ratio change will have the

same effect as a one-for-ten reverse ADS split. On the effective date, each ADS holder will be required to exchange every ten (10) 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 ten times the ADS price before the change.

About Can-Fite BioPharma Ltd.

Can-Fite BioPharma Ltd. (NYSE American: CANF)

(TASE: CANF) 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, liver, and inflammatory disease. The Company's lead drug candidate, Piclidenoson recently

reported topline results in a Phase III trial for psoriasis. Can-Fite's liver drug, Namodenoson, is being evaluated in a Phase IIb

trial for the treatment of non-alcoholic steatohepatitis (NASH), and enrollment is expected to commence in a Phase III trial for hepatocellular

carcinoma (HCC), the most common form of liver cancer. 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, its product development efforts,

business, financial condition, results of operations, strategies or prospects. All statements in this communication, other than those

relating to historical facts, are "forward looking statements". 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. 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 known and unknown risks, uncertainties and other factors that may cause

Can-Fite's actual results, performance or achievements to be materially different from any future results, performance or achievements

expressed or implied by the forward-looking statements. Important factors that could cause actual results, performance or achievements

to differ materially from those anticipated in these forward-looking statements include, among other things, 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; risks related to the COVID-19 pandemic and the Russian invasion of Ukraine;

risks related to not satisfying the continued listing requirements of NYSE American; and statements as to the impact of the political

and security situation in Israel on our business. More information on these risks, uncertainties and other factors is included from time

to time in the "Risk Factors" section of Can-Fite's Annual Report on Form 20-F filed with the SEC on March 24, 2022

and other public reports filed with the SEC and in its periodic filings with the TASE. Existing and prospective investors are cautioned

not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Can-Fite undertakes no obligation

to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise,

except as may be required by any applicable securities laws.