Can-Fite to raise NIS 20m in TASE offering

Can-Fite BioPharma Ltd. (TASE:CFBI; Bulletin Board: CANFY), a developer of treatments for inflammatory diseases, has filed a shelf prospectus to raise up to NIS 20 million in an offering of shares and warrants on the Tel Aviv Stock Exchange (TASE). NIS 15 million of the offering has been guaranteed by foreign funds and investment institutions affiliated with the offering.

Can-Fite will offer shares at NIS 0.30 per share. The shares' economic value, after being weighted for the options, is NIS 0.195, a 55% discount on today's opening price on the TASE.

Can-Fite's share price fell 24% by mid-afternoon to NIS 0.322, giving a market cap of NIS 90 million. The share price closed at $5.10 on Wall Street on Friday.

Can-Fite decided not to hold a private placement for institutions, to increase the potential size of the offering, avoid preventing foreign investors from trading in the share, and to equalize the terms given to Israeli and foreign investors.

Published by Globes [online], Israel business news - www.globes-online.com - on February 4, 2013