The Morningside fund, in the amount of $7.5m, will provide all the required funding needed for the pre-clinical and clinical development plans up to the completion of phase II.
Can-Fite is also expected to provide the JV with all the know how in its possession relevant for the development of CF102. In addition, the company will have full access to all the clinical and pre-clinical data to be generated by JV, and the right to use it for regulatory purposes in other countries.
Pnina Fishman, CEO of Can-Fite, said: “We are thrilled to start this exciting collaboration with a partner like Morningside. The CF102 drug has a very high marked potential in China given the need for efficacious drugs for the treatment of liver diseases which have a high prevalence in China.
“The broad experience of Morningside, a fund well known and experienced in the world of biotechnology, which invested and started tens of biotechnological companies, will be a great asset in advancing the development of CF102 for these lucrative indications in this premier pharmaceutical market.”