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Can-Fite BioPharma Reports $4M Deal With Kyongbo Pharm

Tanzeel Akhtar

Can-Fite BioPharma (NYSE: CANF) announced a new deal with Kyongbo Pharm to distribute the drug Piclidenoson for Psoriasis in South Korea, receiving $4 million payment upfront.

For the exclusive distribution rights to sell Piclidenoson in South Korea, Kyongbo Pharm is making a total upfront payment of $750,000 to Can-Fite, with additional payments of up to $3,250,000 upon achievement of certain milestones.

"We are very excited to sign this distribution agreement with Kyongbo, a highly prestigious company in South Korea and we believe that they are the right partner for us to penetrate the Korean market in the indication of psoriasis," stated Sari Fishman, VP business development of Can-Fite BioPharma.

Can-Fite BioPharma shares were trading up 13.19% at $3.26 in Thursday’s pre-market session. The stock has a 52-week high of $25.95 and a 52-week low of 38 cents.

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