Can-Fite BioPharma Raises $5 Million in Public Offering to Fund Cancer and Inflammatory Disease Drug Development
Key Insights
Can-Fite BioPharma completed a $5 million public offering with potential for an additional $10 million through warrant exercises to fund clinical trials and R&D activities.
The company's lead drug candidate Piclidenoson recently reported Phase 3 topline results for psoriasis (search) and has commenced a pivotal Phase 3 trial.
Namodenoson, Can-Fite's liver drug, is currently being evaluated in Phase III trials for hepatocellular carcinoma (search) and has received FDA Fast Track Designation.
Can-Fite BioPharma Ltd. announced the pricing of a $5 million public offering with a single institutional investor, with the potential to raise an additional $10 million through warrant exercises. The clinical-stage biotechnology company, which develops proprietary small molecule drugs for cancer and inflammatory diseases, priced 8,333,333 American Depositary Shares at $0.60 per share, accompanied by short-term warrants to purchase up to 16,666,666 additional shares.
The short-term warrants carry an exercise price of $0.60 per ADS, are exercisable immediately upon issuance, and will expire twenty-four months following the date of issuance. H.C. Wainwright & Co. (search) served as the exclusive placement agent for the offering, which is expected to close on July 29, 2025.
Funding Strategy and Use of Proceeds
Can-Fite intends to use the net proceeds for funding research and development activities, clinical trials, and other working capital and general corporate purposes. The gross proceeds from the initial offering, before deducting placement agent fees and other offering expenses, are expected to be approximately $5.0 million. If the short-term warrants are fully exercised on a cash basis, the company could receive an additional $10.0 million in gross proceeds, though no assurance can be given that any warrants will be exercised.
Advanced Clinical Pipeline
Can-Fite operates with a platform technology designed to address multi-billion dollar markets in the treatment of cancer, liver, and inflammatory diseases. The company's lead drug candidate, Piclidenoson, recently reported topline results in a Phase 3 trial for psoriasis (search) and has commenced a pivotal Phase 3 trial.
Namodenoson Development Program
The company's liver drug, Namodenoson, represents a significant portion of Can-Fite's clinical portfolio. The drug is currently being evaluated in a Phase III trial for hepatocellular carcinoma (search) (HCC), a Phase 2b trial for the treatment of MASH (search), and in a Phase 2a study in pancreatic cancer (search). Namodenoson has been granted Orphan Drug Designation in both the U.S. and Europe and has received Fast Track Designation as a second-line treatment for HCC by the U.S. Food and Drug Administration.
Beyond its primary indications, Namodenoson has shown proof of concept to potentially treat other cancers including colon, prostate, and melanoma (search), expanding its therapeutic potential across multiple oncology indications.
Safety Profile and Clinical Experience
Can-Fite's drug candidates have demonstrated an excellent safety profile, with experience accumulated across over 1,600 patients in clinical studies to date. The company's third drug candidate, CF602, has shown efficacy in the treatment of erectile dysfunction (search), further diversifying the therapeutic applications of Can-Fite's platform technology.
Regulatory and Market Position
The securities offering was conducted pursuant to a registration statement on Form F-1 (File No. 333-288890), which was declared effective by the U.S. Securities and Exchange Commission on July 28, 2025. Can-Fite BioPharma trades on both the NYSE American (CANF) and the Tel Aviv Stock Exchange (CANF), providing investors with multiple avenues for participation in the company's growth trajectory.