Can-Fite BioPharma (CANF) Announces Summary of Existing Out-licensing Deals with Potential Milestone Payments of up to approximately $130 million
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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 that the six existing distribution agreements it has signed for its advanced stage drug candidates Piclidenoson and Namodenoson in select territories have remaining potential milestone payments of up to approximately $130 million plus double digit royalties on net sales following regulatory approval. In addition, to date, the Company has collected over $20 million in non-dilutive upfront and milestone payments.
Distribution agreements have been signed covering Canada, Spain, Switzerland, Austria, Central Eastern Europe, China, Hong Kong, Macao, and South Korea. Can-Fite is actively in talks with prospective distribution partners in other major markets and intends to optimize the value of potential future agreement based on advancements in its clinical pipeline. The world’s largest pharma market, the U.S., as well as other major markets including Japan, Germany, France, Italy, the UK, and others remain untapped opportunities for Can-Fite.
“Can-Fite’s robust clinical proof of concept and its effective business development strategy, combined with our core strength in small molecule drug innovation, enables us to forge partnerships with a growing number of global distribution partners. While our current distribution agreements have a potential for up to approximately $130 million in milestone payments, we continue to pursue opportunities in the largest pharmaceutical markets which we believe have the potential for substantial additional value,” stated Can-Fite CEO Dr. Pnina Fishman.
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