PETACH TIKVA, Israel--(BUSINESS WIRE)--
- Up to $6,000,000 in upfront and milestone payments, plus a transfer price for delivering finished product
- This agreement extends Can-Fite and CKD’s original distribution deal for Namodenoson in treatment of liver cancer
Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE:CFBI), a biotechnology company advancing a pipeline of proprietary small molecule drugs that address cancer, liver and inflammatory diseases, today announced the expansion of its distribution agreement with Chong Kun Dang Pharmaceuticals (CKD) (Korean Stock Exchange: 185750.KS) in South Korea, for the indication of non-alcoholic steatohepatitis (NASH).
CKD will receive exclusive rights to distribute Namodenoson for the treatment of NASH in addition to liver cancer in South Korea. CKD has agreed to pay Can-Fite $1,000,000 upfront upon signing, with up to an additional $5,000,000 upon achieving certain regulatory and sales milestones. Can-Fite will also be entitled to a transfer price for delivering finished product to CKD.
“The pressing need for an effective drug in this field, where there is still no drug on the market, in our opinion, makes Namodenoson a strong potential candidate as we look towards Phase II results,” stated Can-Fite’s Director of Business Development, Dr. Sari Fishman. “We look forward to working with CKD to advance Namodenoson in South Korea.”
This agreement with CKD marks Can-Fite’s expansion of the original deal for another indication with CKD in South Korea.
Namodenoson is a small orally bioavailable drug that binds with high affinity and selectivity to the A3 adenosine receptor (A3AR). Namodenoson is being 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, inflammatory disease and sexual dysfunction. The Company's lead drug candidate, Piclidenoson, is currently in Phase III trials for rheumatoid arthritis and psoriasis. Can-Fite's liver cancer drug, Namodenoson, is in Phase II trials for hepatocellular carcinoma (HCC), the most common form of liver cancer, and 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 in preclinical studies and the Company is investigating additional compounds, targeting A3AR, for the treatment of sexual dysfunction. These drugs have an excellent safety profile with experience in over 1,000 patients in clinical studies to date. For more information please visit: www.can-fite.com.
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