Full Press Release Details
Can-Fite Announces New Management
Structure as Advanced Stage Pipeline Moves Toward Commercialization
PETACH TIKVA, Israel, April 24, 2023 -- 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, today announced executive changes to support the Company's continued success in
advancing its pipeline toward commercialization through two pivotal Phase III trials in psoriasis and liver cancer.
Dr. Pnina Fishman, the Company's Scientific
Founder, was appointed Executive Chairman of the Board to guide the Company's strategic direction. She will continue to serve as
Chief Scientific Officer (CSO) overseeing the Company's scientific programs and clinical development pipeline. Motti Farbstein will
lead the Company as its new Chief Executive Officer (CEO) while continuing to serve as the Company's Chief Financial Officer (CFO),
a position he has held since 2005. Dr. Ilan Cohn, the Company's Co-Founder and former Chairman, remains on the Board and will continue
to guide the Company's intellectual property strategy and portfolio. Dr. Cohn is a patent attorney and a Co-Founder and Senior Partner
of the IP firm Cohn, De Vries, Stadler & Co. These executive changes go into effect on June 30, 2023.
"Having developed Can-Fite's platform
technology and guided our pipeline into pivotal studies, I am pleased to turn the CEO role over to Motti who has the financial and clinical
expertise to lead Can-Fite into the registration stage," Dr. Fishman stated. "I will continue to guide our clinical programs
as CSO while also taking part in setting the Company's strategic direction as Executive Chairman of the Board. I have full confidence
in Motti's ability to execute on substantial opportunities for our late-stage clinical pipeline. I am also thankful to Ilan, my
Co-Founder, for his dedication serving as Chairman for the past ten years and look forward to his continued support on the board, particularly
"I'm honored and excited to lead Can-Fite
as CEO. Having served the Company for 20 years, I'm dedicated to bringing our oral drugs to market to serve patients in need, especially
in our most advanced indications in psoriasis and liver cancer," stated Motti Farbstein. "Pnina, Ilan, and I will continue
to work closely along with the rest of our team in a seamless transition. As we advance through two pivotal studies, we anticipate the
potential for additional distribution transactions and other commercial opportunities."
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 30, 2023
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.