Can-Fite BioPharma Ltd. (NYSE: CANF) stock is on an upward trend in the premarket session this morning. During pre-hour trades, Can-Fite stock gained $1.86 or 91.18% buoying at $3.90. The surge in CANF stock price is due to an exclusive distribution agreement CANF has signed with a European distributor.
What is the exclusive agreement?
Can-Fite BioPharma is a pharmaceutical company developing drugs for the treatment of cancer, liver, inflammatory diseases, and COVID-19. In Phase III trials for psoriasis and in a Phase II study for moderate COVID-19, the CANF’s lead drug candidate Piclidenoson is currently being studied. Namodenoson, the liver drug from Can-Fite, is undergoing Phase III clinical trials to treat hepatocellular carcinoma (HCC). CANF’s third candidate CF602 has demonstrated efficacy in treating erectile dysfunction.
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Today Can-Fite BioPharma announced it had reached an agreement with Swiss-based Ewopharma for exclusive distribution rights. Ewopharma is a pharmaceutical marketing organization that assists pharmaceutical companies to access the market in CEE and Switzerland. Ewopharma also has distribution relationships with many leading healthcare companies throughout the world, in addition to Can-Fite.
- Specifically, the agreements are to distribute Piclidenoson for use in the treatment of psoriasis and Namodenoson for use in the treatment of liver diseases, specifically, hepatocellular carcinoma (HCC).
- The distribution agreement provides Can-Fite for an initial payment of $2.25 million from Ewopharma, plus additional payments of up to $40.45 million if regulatory and sales milestones are achieved.
- On the other hand, Ewopharma will be enjoying exclusivity in marketing and selling Namodenoson in Central Eastern Europe (CEE) and Switzerland whereas that will be for Piclidenoson to countries in CEE.
- Can-Fite may identify new indications for its drug candidates that Ewopharma can extend the distribution agreement for.
The deal is a significant one that will bring non-dilutive funding to Can-Fite and will also give CANF products instant access to the European market once they are approved.