Can-Fite Reports Revenue Growth In 2021, Provides Clinical Update

Can-Fite BioPharma Ltd. CANF CFBI announced financial results for the year ended December 31, 2021.

The company said that it had $18.9 million in cash, cash equivalents, and short-term deposits, on December 31, 2021.  

During the year, the Can-Fite received $2.25 million in non-dilutive funding from Ewopharma for an out-licensing deal, $2.74 million from warrant exercises, and raised $10 million through a registered direct offering.

“Our advanced-stage pipeline continues to achieve milestones, with Piclidenoson and Namodenoson both positioned as potentially safe and effective treatments for very large treatment indications including psoriasis, NASH, and liver cancer,” Can-Fite CEO Dr. Pnina Fishman, said. “In 2021 we signed our largest out-licensing deal to date, and in 2022 we anticipate additional new agreements as well as the potential of milestone payments from current agreements based on results from our current advanced stage trials.”

Full Year 2021 Financial Results

• Revenues were $0.85 million compared to revenues of $0.76 million during the twelve months ended December 31, 2020.
• Research and development expenses were $9.85 million compared to $11.95 million for the year ended December 31, 2020.
• General and administrative expenses were $3.84 million compared to $2.95 million for the same period in 2020.
• Financial income was $0.23 million compared to financial expense, net of $0.3 million for the same period in 2020.
• Can-Fite's net loss was $12.6 million compared with a net loss of $14.4 million for the same period in 2020.

Operational Milestones

• Signed its largest out-licensing agreement to date with Switzerland-based Ewopharma for distribution of its drug candidates in Central Eastern Europe and Switzerland.
• A prior Phase II liver cancer study patient who continues to be treated with Namodenoson has survived five years and cleared all cancer lesions, in what the company sees as a very positive sign for its upcoming pivotal Phase III liver cancer study.
• The Phase III Comfort study completed enrollment of >400 patients with moderate to severe plaque psoriasis and completed 16-weeks of treatment, the primary endpoint duration of the study.

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