Full Press Release Details
BioPharma Announces $4.8 Million Registered Direct Offering
| Continued Investment from Existing Institutional Investors | ||
| $13.8 million raised in Two Offerings |
TIKVA, Israel, October 13, 2015 - Can-Fite BioPharma Ltd. (NYSE MKT: CANF) (TASE:CFBI), a biotechnology
company advancing a pipeline of proprietary small molecule drugs that address cancer and inflammatory diseases, today announced
that it has entered into definitive agreements with existing institutional investors to receive gross proceeds of approximately
connection with the offering, the Company will issue 1,109,196 registered American Depository Shares (ADSs) of Can-Fite at a purchase
price of $4.35 per ADS in a registered direct offering. Additionally, for each ADS purchased by investors, the investors will
receive an unregistered warrant to purchase 40% of an ADS. The warrants have an exercise price of $5.25 per ADS, shall be exercisable
six months following the issuance date and will expire five and one-half years from the issuance date. The closing of the offering
is expected to take place on or about October 15, 2015, subject to the satisfaction of customary closing conditions.
our recent $9 million fund raise in September, we are pleased that the same institutional investors who participated in last month's
round have invested again in Can-Fite's current registered direct offering. We believe this reflects growing confidence
in our Company," stated Can-Fite CEO, Pnina Fishman.
Wainwright & Co. acted as the exclusive placement agent in connection with this offering.
ADSs described above (but not the warrants or the ADSs underlying the warrants) are being offered pursuant to a shelf registration
statement (File No. 333-199033) which became effective on October 21, 2014. Such ADSs may be offered only by means of a prospectus,
including a prospectus supplement, forming a part of the effective registration statement.
press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein.
There shall not be any offer, solicitation of an offer to buy, or sale of securities in any state or jurisdiction in which such
an offering, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such
state or jurisdiction. The Company will file a prospectus supplement with the SEC relating to such ADSs, and following such filing,
copies of the prospectus supplement and the accompanying base prospectus relating to this offering may be obtained at the SEC's
website at http://www.sec.gov, or from H.C. Wainwright & Co. by e-mailing placements@hcwco.com. The warrants and the ADSs
underlying the warrants issued in the offering have not been registered under the Securities Act of 1933, as amended or applicable
state securities laws. Accordingly, the warrants and underlying ADSs may not be offered or sold in the United States except pursuant
to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and
such applicable state securities laws.
Can-Fite BioPharma Ltd.
BioPharma Ltd. (NYSE MKT: CANF) (CFBI.TA) 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 is preparing for a Phase III CF101 trial for rheumatoid arthritis and is preparing its protocol for its next advanced
psoriasis clinical trial. Can-Fite's liver cancer drug CF102 is in Phase II trials and has been granted Orphan Drug Designation
in the U.S. and Europe and Fast Track Designation as a second line treatment for hepatocellular carcinoma by the U.S. Food and
Drug Administration. CF102 has also shown proof of concept to potentially treat other cancers including colon, prostate,
and melanoma. The Company's CF602 has shown efficacy in the treatment of erectile dysfunction. Can-Fite has initiated a full pre-clinical
program for CF602 in preparation for filing an IND with the U.S. FDA in this indication. These drugs have an excellent safety
profile with experience in over 1,200 patients in clinical studies to date. For more information please visit: www.can-fite.com.
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. 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, 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.