Can-Fite Gears Up to Initiate Pivotal Phase III Liver Cancer Study FDA Granted Namodenoson Orphan Drug and Fast Track Status

Can-Fite Gears Up to Initiate Pivotal

Phase III Liver Cancer Study

FDA Granted Namodenoson Orphan

Drug and Fast Track Status

PETACH TIKVA, Israel, July 8, 2021 -- Can-Fite

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

address inflammatory, cancer and liver diseases, today announced it has completed preparatory work ahead of the anticipated initiation

of patient enrollment for its pivotal Phase III registration trial of Namodenoson in the treatment of hepatocellular carcinoma (HCC),

the most common form of liver cancer.

Can-Fite has received agreement from both the

U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA) on the protocol and plans to submit it for Institutional Review

Board (IRB) approvals in the coming weeks. Namodenoson has Orphan Drug status with both the FDA and EMA, as well as Fast Track Status

with the FDA for the treatment of HCC. A compassionate use program has been ongoing in Israel.

The double blind, placebo-controlled trial will

enroll 450 patients diagnosed with HCC and underlying Child Pugh B7 (CPB7) through clinical sites worldwide. Patients will be randomized

to oral treatment with either 25 mg Namodenoson or matching placebo given twice daily. The primary efficacy endpoint of the trial is overall

survival. Other oncology trial efficacy outcomes such as tumor radiographic response rates and median progression-free survival, as well

as standard safety parameters, will be assessed.

The Company plans to conduct an interim analysis

by an Independent Data Monitoring Committee (IDMC) after 50% of enrolled patients are treated. Namodenoson will be evaluated as a 2nd

or 3rd line treatment for CPB7 patients in whom other approved therapies have not been or are no longer effective.

"We are eager to commence this study, as

there is a dire need for a safe and effective treatment for patients with advanced liver disease, defined as CPB7, where Namodenoson has

an advantage with its liver protective effect," stated Can-Fite CEO Dr. Pnina Fishman.

According to the American Cancer Society, liver

cancer accounts for more than 700,000 deaths globally each year. HCC is commonly aggressive with poor survival rates. As new drugs that

effectively and safely treat HCC are developed and approved, the market for HCC treatments is estimated by Delveinsight to reach $3.8

billion by 2027 for the G8 countries.

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: 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, liver, inflammatory disease and COVID-19. The Company's lead drug candidate, Piclidenoson,

is currently in a Phase III trial for psoriasis and a Phase II study in the treatment of moderate COVID-19. Can-Fite's liver drug, Namodenoson,

is headed into a Phase III trial for hepatocellular carcinoma (HCC), the most common form of liver cancer, and a Phase IIb 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. 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.

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