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news.Can-Fite BioPharma says that its previously majority owned subsidiary OphthaliX has completed a merger with Wize Pharma.
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As a result of the merger, Can-Fite’s ownership of OphthaliX, immediately post-merger, became approximately 8% of the outstanding shares.
As part of the merger, Can-Fite cancelled OphthaliX’s prior debts to Can-Fite and has terminated an exclusive license to OphthaliX of Can-Fite’s Piclidenoson (CF101) drug candidate for the treatment of ophthalmic diseases. These rights revert back to Can-Fite. All Can-Fite executives and board members who had held executive and board positions at OphthaliX have resigned from their respective positions at OphthaliX.
“With the completion of this transaction, Can-Fite moves forward solely focused on our advanced stage clinical programs for our drug candidates Piclidenoson and Namodenoson in Phase II and III trials for autoimmune, oncology and liver diseases,” stated Can-Fite CEO Dr. Pnina Fishman. “We wish Wize Pharma well in their development of treatments for ophthalmic disorders.”
About Piclidenoson (CF101)
Piclidenoson is a novel, first-in-class, A3 adenosine receptor agonist (A3AR) small molecule, orally bioavailable drug with a favorable therapeutic index demonstrated in Phase II clinical studies.
Piclidenoson is currently under development for the treatment of autoimmune inflammatory diseases. It is being evaluated in a Phase III study as a first line treatment, to replace MTX, in the treatment of rheumatoid arthritis. Piclidenoson is also slated to enter a Phase III study in the treatment of moderate-to-severe psoriasis in 2018.