Can-Fite: Breakthrough Findings Demonstrate Namodenoson Anti-cancer and Protective Effect Mechanism in the Liver

Can-Fite: Breakthrough Findings Demonstrate

Namodenoson Anti-cancer

and Protective Effect Mechanism in the Liver

Israel, June 24, 2024 -- Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE: CANF), a

biotechnology company advancing a pipeline of proprietary small molecule drugs that address oncological and inflammatory diseases,

today announces that company scientists came up with breakthrough findings showing that the anti-cancer and protective effects in

the liver are conferred via the signalling protein adiponectin. This very important positive cytokine plays a pivotal role in

regulating anti-inflammatory, anti-cancer, metabolic and insulin resistance. Namodenoson increases adiponectin production in

pre-clinical studies and in humans.

The data will be presented at the 20th Annual Congress of International

Drug Discovery Science & Technology, China Branch (IDDST-2024), September 12-14, Shanghai, China. This conference will host 300 leading

scientists from the academia and industry worldwide to discuss the latest developments in drug discovery and therapy.

"We are very much enthused by the

breakthrough findings that explain the dual mechanism of Namodenoson working as an anti-cancer agent in the liver and also inducing

a liver protective effect," stated Dr. Pnina Fishman, Can-Fite CSO & Chairperson.

Namodenoson is currently being evaluated in LiverationTM,

a pivotal Phase III study for advanced liver cancer that has been approved by both the U.S. Food and Drug Administration (FDA) and the

European Medicines Agency (EMA), and also in a Phase IIb study in patients with MASH.

Namodenoson is a small orally bioavailable drug

that binds with high affinity and selectivity to the A3 adenosine receptor (A3AR). Namodenoson was evaluated in Phase II trials for two

indications, as a second line treatment for hepatocellular carcinoma, and as a treatment for non-alcoholic fatty liver disease (NAFLD)

and non-alcoholic steatohepatitis (NASH). A3AR is highly expressed in diseased cells whereas low expression is found in normal cells.

This differential effect accounts for the excellent safety profile of the drug.

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 and is expected to commence a pivotal Phase III. Can-Fite's cancer and

liver drug, Namodenoson, is being evaluated in a Phase IIb trial for the treatment of steatotic liver disease (SLD), a Phase III pivotal

trial for hepatocellular carcinoma (HCC), and the Company is planning a Phase IIa study in pancreatic 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 1,600 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 any resurgence of the COVID-19 pandemic and the war

between Israel and Hamas; 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 28, 2024 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.