Can-Fite Announces Exercise of Warrants for Approximately $4.0 Million in Gross Proceeds

Core Viewpoint - Can-Fite BioPharma Ltd. has entered into a definitive agreement for the immediate exercise of outstanding warrants to purchase up to 795,869 American Depositary Shares (ADSs) at a reduced exercise price of $5.00 per ADS, down from $9.34, with expected gross proceeds of approximately $4.0 million to fund research and development and clinical trials [1][3]. Group 1: Financial Details - The exercise of the warrants will generate gross proceeds of approximately $4.0 million before deducting placement agent fees and offering expenses [3]. - Can-Fite will issue new unregistered warrants to purchase up to 1,591,738 ADSs at an exercise price of $5.00 per ADS, which will be immediately exercisable for 24 months [2]. Group 2: Regulatory and Compliance - The new warrants and ADSs are offered in a private placement and have not been registered under the Securities Act of 1933, requiring a registration statement to be filed with the SEC for resale [4]. Group 3: Company Overview - Can-Fite BioPharma is a clinical stage drug development company focusing on proprietary small-molecule drugs for oncological and inflammatory diseases, with lead drug candidates including Piclidenoson and Namodenoson [6]. - Namodenoson has received Orphan Drug Designation in the U.S. and Europe and Fast Track Designation for hepatocellular carcinoma [6].