Can Fite BioPharma Ltd. (TASE:CFBI) announced that the company board of directors decided to execute a forced conversion, and convert the bonds which it issued in May into shares.
Following the conversion, the company's shareholders equity will grow by NIS 28.5 million, its liabilities will be reduced by the same amount. The rise in the shareholders equity will enable the company to continue development of current and future products.
Can Fite was founded in 2000 by joint CEOs Prof. Pnina Fishman, a researcher, and Adv. Ilan Cohn, a patent attorney. The company focuses on the development of medicines based on molecules which delay the development process of cancerous or infectious cells.
Can Fite raised NIS 30 million in a convertible bond issue in May. According to its prospectus, when Can Fite reached two predetermined milestones, it could forcibly convert the bonds into shares.
Published by Globes [online], Israel business news - www.globes.co.il - on August 29, 2006
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