Can-Fite on Its Way to Initiate Clinical Trials With Second Drug - CF102; Company Initiated Non-Clinical Development of the Drug
Posted on: Monday, 26 June 2006, 09:00 CDT
Can-Fite BioPharma (TASE:CFBI):
-- The Drug Joins CF101, Which is in Phase II Clinical Trials for the Treatment of Rheumatoid Arthritis and Dry Eye Syndrome
-- Prof. Pnina Fishman, CEO of Can-Fite: "We Are Proud of the Progress Made in the Development of This Second Drug, Which Provides Further Evidence That Can-Fite Has, within a Relatively Short Period of Time, Shifted from Being a One Product Company to a Company That is Developing a Pipeline of Drugs for Various Clinical Applications"
Can-Fite BioPharma (TASE:CFBI) announced today the initiation of non-clinical development with its second drug candidate, CF102. This includes, formulation development, stability testing, metabolism, pharmacokinetics and toxicology studies. Drug substance manufacturing is being scaled to kilogram level to support GLP toxicology and phase I. The data from these studies will enable the company to submit AN IND and initiate Phase I studies during 2007.
CF102, LIKE CF101, targets a specific cell surface receptor, the A3 adenosine receptor that is known to be over-expressed in tumor and inflammatory cells. CF102 has dual activity including anti cancer and anti inflammatory effects.
About Can-Fite
Can-Fite BioPharma Ltd. is a public company, traded on the Tel-Aviv Stock Exchange that is headquartered in Petach-Tikva, Israel. The company, which began its operations at the end of 2000 was founded based on the work by Professor Pnina Fishman, formerly a Tumor Immunologist in the Rabin Medical Center and currently the company's CEO, together with Dr Ilan Cohn, Patent Attorney and Senior Partner at Reinhold Cohn and Partners, a leading Israeli Patent Attorney firm. The Company has research laboratories and offices in Israel. The Company's lead drug, CF101, for the treatment of rheumatoid arthritis is currently in Phase II clinical trials. The company is planning another clinical study in which CF101 will be tested for its efficacy in treating dry eye symptoms in patients having this disease.
Can-Fite shares were issued to the public in September 2005, at which point the company raised approximately NIS 45 million. Last May, the company completed the issuing of convertible bonds totaling NIS 30 million. Company shares are listed in Tel-Tech in the Tel-Aviv Stock Exchange.
Source: Business Wire
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